On April 29, 2020, Jerome Powell said: “both the depth and duration of the economic downturn are extraordinarily uncertain.”
We are often critical of Federal Reserve policy and contradictory economic jargon coming from Fed presidents and governors. However, to our amazement, Fed Chairman Jerome Powell surprised us with a moment of clarity.
No truer words were ever spoken.
His statement is so obvious, it is profound. Yet, if you only follow the financial media or much of social media, you might think his statement hyperbolic. The future, according to so many “experts”, is certain.
In case you haven’t heard, the economy will gradually re-open, and, in time, everyone will go back to work and resume the same lives and consumption patterns they were leading in 2019.
This reassuring picture of economic resurgence and a return to normal is simply a matter of harnessing the virus. We, also hope, the confidence exuding from the experts, being paraded around the clock on…