The FOMC left the policy rate range of 3.5–3.75% unchanged along with balance sheet plans as universally expected. Guidance was mixed and tiptoed further yet toward a fully neutral if not hawkish bias that serves as an awkward segue into new leadership. A 55-minute press conference was well managed by Chair Powell with a lot of emphasis upon staying on the Board and defending Fed independence. All but the most emotionally vacuous couldn’t help but observe a degree of moroseness as Powell left the room for a final time as Chair. Departing a job he so obviously loved and was passionate about. A weak attempt at a round ... (full story)