The Week That Matters (31st July-5th August)

"And so tonight - to you, the great silent majority of my fellow Americans - I ask for your support." Richard Nixon, 1969

Will Powell pivot soon?

This newsletter believes it’s a question of when, not if. Powell made a similar mistake at the end of 2018. He quickly backtracked and cut rates by the summer of 2019. What we have seen since the autumn of 2021 is a long-drawn-out version of what he did in 2018. But the consequences are just bigger as he has gone so much further t…