The Fed's Halo on QT

Jay Powell sticking to his hawkish tone and at odds with the market, whether you're looking at him talking about moderate growth, very small recession, no need for easing. Darius: I don't know that he said anything that changes market pricing or the market outlook in a material way. The pause is pretty much well telegraphed. And let's be honest here, this is a Jay Powell led FOMC that has been getting walked around like a dog by the data for the better part of two years now.