There were several key points from Jay Powell's speech at Jackson Hole which everyone seems to have missed. The market picked up on them, however, with SOFR futures reacting by pushing its inversion deeper and further out, now early 2027. What Chair Powell meant under everything he said was he finally gets the big Beveridge risk.
Eurodollar University's conversation w/Steve Van Metre
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Chair Powell's Jackson Hole Speech
https://www.federalreserve.gov/newsevents/speech/files/powell20250822.pdf
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