Stocks soared after Powell raised questions about "Delta"s impact on the economy and mentioned the lack of "substantial further progress" on jobs. That was obviously taken as great news because it was an excuse to delay any tapering. However, stocks then came off session highs as Powell suggested (although he still sees it all as transitory), inflation concerns remained to the upside.
As Mohamed A. El-Erian tweeted, it was full of doublspeak:
"I suspect that many may agree that this was one of the most confusing #Fed press conferences. Where there may be disagreement is why—particularly, the balance between genuine economic uncertainties and what behavioral scientists call “active inertia”/too deeply wired convictions."
But bear in mind the post-FOMC pump pattern... Source: Bloomberg
