Federal Reserve chairman Jerome Powell answers questions before the House Committee on Financial Services of the US Congress on July 18. Photo: Bloomberg Federal Reserve chairman Jerome Powell answers questions before the House Committee on Financial Services of the US Congress on July 18. Photo: Bloomberg
Federal Reserve chairman Jerome Powell answers questions before the House Committee on Financial Services of the US Congress on July 18. Photo: Bloomberg
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Powell’s caution signals the Fed is prepared for a U-turn in interest rate hikes

Nicholas Spiro says the Fed chairman is keeping faith with monetary tightening while the US economic outlook remains bright, but his stark warning on protectionism could pave the way for a change of course. For the trigger, watch the Treasury yield curve

Federal Reserve chairman Jerome Powell answers questions before the House Committee on Financial Services of the US Congress on July 18. Photo: Bloomberg Federal Reserve chairman Jerome Powell answers questions before the House Committee on Financial Services of the US Congress on July 18. Photo: Bloomberg
Federal Reserve chairman Jerome Powell answers questions before the House Committee on Financial Services of the US Congress on July 18. Photo: Bloomberg
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.