Fed’s Powell press conference – the one thing that was missed in it

A point I have not seen discussed re the FOMC on Wednesday and specifically Chair Powell’s comments were just how downbeat he seemed.

And I want to add my thoughts on what appeared to me to be almost expressions of surrender from the Chair. He was very downbeat on prospects for the economy, probably rightly so. Yes, he was dovish, and the Bank will remain stuck dovish for a oping time to come. But, even with such loose policy settings Powell seems very dour indeed about the outlook ahead.
I suggest that fits with the market response, limited though it is, specifically
gold up (policy looser for much, much longer)
  • S&P slipping on the day and AUD not taking much positive from the day – US, and thus global growth overall, to remain very, very subdued ahead.
Oh, on the AUD, add in the threats from China for Australia too: