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Risk Update: August 2025 – “Resilience”

“So let me start by saying that the inflation that we got was not at all the inflation we were looking for or talking about in the framework. This was—it really was a completely different thing.” Jerome Powell, December 2021. Transcript of Chair Powell’s Press Conference — December 15, 2021 Statements like this make us wonder if calling somebody a “central banker” ought not to be taken as an insult. That was Chair Powell at the post FOMC press conference back in December 2021. They wanted inflation, badly! That was the whole point of ZIRP, QE, LSAPs, and FAIT. These…