It’s not what you say, but how you say it. And Federal Reserve Chairman Jerome Powell’s masterful message was received loud and clear by an optimistic stock market—yes, a taper is coming, but don’t even think about rate hikes.

The Kansas City Fed’s Jackson Hole Economic Symposium has a reputation for being the place where Fed chiefs drop bombshells on the market. It was where Ben Bernanke hinted at the coming of new Fed stimulus programs in 2010, 2011, and 2012, and where Jerome Powell laid out a backward-looking, rather than…


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