by Pam Martens and Russ Martens, Wall St On Parade:
Fed Chairman Jerome Powell had one focus and one focus only at yesterday’s press conference. That was to come across as the epitome of prudence and law-abiding virtue. Unfortunately, the cold, hard facts on the ground keep getting in the way of that narrative.
Powell first read an opening statement which included this rather remarkable statement about the trillions of dollars in emergency funding facilities that the Fed has already rolled out, or plans to roll out, to bail out Wall Street’s excesses: