Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a press conference following the Federal Open Market Committee (FOMC) meeting in Washington, D.C. (Photographer: Anna Moneymaker/Bloomberg)

Jerome Powell Didn’t Say ‘Rate Cut,’ and That Matters

(Bloomberg Opinion) -- As the first headlines came in from Federal Reserve Chair Jerome Powell’s remarks on Tuesday, the bond market reaction was pure jubilation.

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