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Does Friday's crash end the debasement trade?
From robinjbrooks.substack.com
The debasement trade took off after Chair Powell’s dovish keynote speech on August 22 at Jackson Hole. Up until that speech, the Fed had been torn between a weakening labor market on the one hand and above-target inflation on the other. After 100 basis points in cuts in 2024 (including a controversial 50 basis point cut before the election), this had kept the Fed on hold in 2025, which was infuriating Trump. Powell’s speech was so important because it chose sides, putting a greater weight on the labor market than on inflation. The signal was clear. The Fed would resume rate cuts even though inflation was high. ... (full story)
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