Seoul shares open lower ahead of Fed chief's speech
Korea HeraldMAY 2023
Powell’s unorthodox decision to wait until maximum employment and inflation before taking action got us into this mess. Now he’s promising more “don’t shoot till you see the whites of their eyes” policymaking by pushing the economy to the precipice of a recession rather than reacting to positive forecasts by easing rate hikes more quickly. Let’s hope he knows what he’s doing this time around.
Powell is doing his best to guide the economy through these unprecedented times, and there have been some positive signs. Of course, the Wall Street piranhas can't help but overreact to the slightest bit of optimistic news, directly undercutting the Fed's tightening policy and forcing it to recalibrate by leaning toward even more restrictive measures. Any complaints about the economy should be directed toward Wall Street.