That's a powerful message to Jerome Powell
At the July 28 FOMC press conference, Fed Chairman Jerome Powell brushed aside delta, saying it would now have only a minor effect on the path of the economy.
He's no doubt rethinking that.
Goldman Sachs last week cut its Q3 GDP forecast to 5.5% from 9.0% as voluntary and involuntary restrictions go into place.
Powell won't have to look any further than his own major speech planned for Friday in Jackson Hole. The Kansas City Fed has announced the in-person three-day event would be cancelled and moved to a virtual format.
It won't be tough for Powell to envision the economic impacts of that decision and a million more small (and large) similar shifts because of the raging pandemic in the United States. At this point, I would be shocked if he offers a hint at a September taper.
