Powell’s Harvard appearance felt like one of those speeches where the message was pretty clear: don’t expect easy money anytime soon.
No rate cuts this year, maybe even hikes if inflation refuses to cool. He also warned about rising US debt, defended Fed independence hard, said banks are far safer than in 2008, and sounded cautiously positive on AI and the long-term economy.
The part that stood out most though was him admitting this is a genuinely tough moment for young people trying to enter the job market. That felt real.