Powell Has Bond Traders Right Where He Wants Them: Full of Doubt

(Bloomberg) — Jerome Powell has the bond market exactly where he wants it: lacking conviction as to the Federal Reserve’s next steps.

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It’s a scenario — evident in part through split futures positioning — that gives the Fed chair and his colleagues leeway to quickly adjust policy in the coming months as economic data unfolds, without having to fret about potentially roiling the world’s biggest fixed-income market.

Powell said in a Friday speech in Wyoming that…