United States

Fed chair Jerome Powell frets over stocks more than you think

Jerome Powell is lying to us. The Federal Reserve chairman has said repeatedly that his interest rate policy for 2019 will depend on how the economy is doing. “Data dependent” is exactly how he explained the Fed’s policy any number of times. And if that’s really the case, Wall Street right now should be worried — very worried — that there will be at least two more interest rate hikes this year. All anyone has to do to understand why is to look at the minutes of the Fed’s policy-making committee’s meeting of Dec. 18 and 19. The minutes were released Wednesday afternoon. The meeting’s notes say that “the information reviewed for the Dec. 18-19 meeting indicated that labor market conditions continued to strengthen in ...