Fed's change of course is a sign that Powell cares more about crafting the right policy than winning an argument, writes Nick Timiraos
Flexibility is emerging as the hallmark of Jerome Powell’s response to the first economic curveball he has faced during his tenure as Federal Reserve chairman.
On two fronts—interest rates and the Fed’s asset portfolio—Mr. Powell has abruptly changed course in just three months. In doing so, Mr. Powell is showing he cares more about crafting what he thinks is the right policy than winning an argument with either markets or economists.
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