Jay Powell is due to speak on November 30 at the Brookings Institution about the labor market and the economic outlook. Powell is taking no chances with the blackout period quickly approaching for the December FOMC meeting. Financial conditions have eased dramatically in recent weeks, not helping the Fed. The stock market has risen dramatically off the October lows, and despite all of the hawkish comments from Fed officials, the market has pushed higher since the middle of October. Jay Powell has a chance to reset market expectations as he did back at Jackson Hole in July and August, easing financial conditions. The Fed transmits its monetary policy through its quantitative tightening and interest rates through guidance, quantitative easing and tightening its policy forward. The Chicago National Financial Index has dropped recently to 20 . . .
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