Federal Reserve Chairman Jerome Powell starts almost every press conference after Federal Open Market Committee rate decisions by expressing his deep concern for the pain endured by families due to high inflation. You may get emotional just watching him! But none of that prevented him from providing indications on March 20 that rate cuts were coming despite inflation remaining above target. The release yesterday of figures relating to the Personal Consumption Expenditures price index, the Fed’s favorite, put the Chairman back in a familiar spot — hedging his bets and making another pivot. First, details on the data. ... (full story)