Tim Duy: Unpleasant: "The situation on Wall Street is, we...

Tim Duy: Unpleasant: "The situation on Wall Street is, well, unpleasant, and it in turn is creating considerable uncertainty about the outlook for monetary policy.... Powell & Co.['s]... outlook is fundamentally hawkish as it describes policy as continuing to tighten even as growth decelerates. Moreover, incoming data remains supportive of that outlook. This isn���t really a problem for rate hikes next year; the data could cut either way by March. It is a bit of a challenge for next week���s meeting as the Fed is loath to appear reactive to markets alone...

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