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Chart of the week: the balance dance

The word is out! Fed Chair Jay Powell is considering stopping the reduction of the Federal Reserve’s balance sheet. If you think that balance sheet has slimmed down significantly after three years of quantitative tightening, you’re mistaken. Moreover, Powell is putting himself in an impossible position once again by lowering interest rates at the same time.

Fresh start

What could hardly be considered a surprise anymore still turned into one. The annual revision of US job growth came in even bigger than expected. As anticipated, it triggered a flood of reactions—though often the wrong ones.