Hi all, and welcome back to The Macro Compass! Yesterday’s Fed meeting was exceptionally important. But not only because the Fed hiked by 75 bps - once again, the devil is in the details. For instance: did you notice the uncanny similarity between Powell’s parting words at the FOMC press conference and Draghi’s famous ‘‘whatever it takes’’ speech in 2012? And did you realize that the yield curve inversion is becoming so relentless and powerful that on a day when the Fed hikes by 75 bps, TLT -1.01%↓ actually rallies?! After Jackson Hole, Powell and his colleagues wanted to cement a clear message we have ... (full story)