Global Daily: It’s kind of fallen apart

“We had a year-end inflation forecast, and it’s kind of fallen apart.” Not exactly the confidence-inspiring line you’d expect from a Fed chair. But Jerome Powell’s performance at yesterday’s press conference wasn’t his finest hour. In what might have been the most uncomfortable showing of his tenure, Powell ceded the stage to the hawks, visibly strained as he tried to sell a strategy he didn’t fully appear to endorse.