Good Thursday morning. As I explained on my podcast yesterday, J Powell went off script at his presser and likely just made “another" policy mistake, which will be his 5th since taking the appointment to Fed Chair. 

I repeat; J Powell is the worst Fed Chair of my time.  

Powell’s off the cuff answer to a late question “It’s not likely that we will cut rates in March” may not be in league with “we don’t see inflation as a problem” or  “we see inflation as transitory”, but Powell’s latest mistake was a substantially boneheaded one in its own right. 

And so completely unavoidable. Big Unforced error. 

The FOMC Statement was cut & dry. “Data dependent with more evidence needed…” Basically boilerplate for “we don’t know.”

But then Powell went off script and said something that was nowhere near being in the Fed statement;  "no cut in March". And that looks like another policy mistake.

Because, after March’s meeting there are just 4 Fed meetings before the election and o...