Jay Powell
Jay Powell calling the federal reserve a “stress test” is the part that matters, because it frames this as process strain, not just rate policy noise. What exactly is under stress here — the balance sheet, the policy toolkit, or the political perimeter around the fed in washington? When the wording shifts from tightening to stress test, the market usually starts pricing the hidden constraints instead of the headline.
https://www.ft.com/content/79a84d1e-e63d-4bb4-a5e2-a483114a2c6f?syn-25a6b1a6