{"id":189850,"date":"2023-05-04T11:45:00","date_gmt":"2023-05-04T15:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=189850"},"modified":"2023-05-04T12:10:57","modified_gmt":"2023-05-04T16:10:57","slug":"goldilocks-channels-sinatra","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/goldilocks-channels-sinatra\/","title":{"rendered":"Goldilocks Channels Sinatra"},"content":{"rendered":"\n

Late in Chairman Powell\u2019s post-FOMC press conference (at the 45:12 mark<\/a>) he was asked whether he had any regrets about his time in office and answered, \u201cI\u2019ve had a few.\u201d  Several<\/a> wags<\/a> on social<\/a> media<\/a> –myself included<\/a> \u2013 picked up on the joke immediately.  He was quoting the song \u201cMy Way\u201d.<\/p>\n\n\n\n

Although the song is considered one of Frank Sinatra\u2019s trademarks, the lyrics<\/a> were penned by Paul Anka<\/a> atop an unrelated French song.  It\u2019s one of the rare songs that could withstand versions by performers as diverse as Elvis Presley, Sid Vicious, and a random drunk guy at karaoke night.  It occurred to me that the song is perhaps the simplest way to annotate the Chairman\u2019s comments yesterday.<\/p>\n\n\n\n

My Way<\/em>, lyrics by Paul Anka, annotations by the author:<\/strong><\/p>\n\n\n\n

And now the end is near \u2013 <\/em>of the hiking cycle
And so I face the final curtain \u2013 <\/em>of this press conference
My friend, I’ll say it clear \u2013 <\/em>in keeping with the Fed\u2019s view on transparency
I’ll state my case of which I’m certain \u2013 <\/em>except when I\u2019m data dependent<\/em><\/p>\n\n\n\n

I’ve lived a life that’s full \u2013 <\/em>Fed Chair after partnership at Carlyle Group
I travelled each and every highway \u2013 <\/em>DC, Jackson Hole, Davos, etc.
And more, much more than this \u2013 <\/em>QE, QT, ZIRP, et al\u2026
I did it my way \u2013 <\/em>always leaving room for some positive interpretation of my comments<\/em><\/p>\n\n\n\n

Regrets I’ve had a few \u2013 <\/em>as noted, see the 45:12 mark<\/a>
But then again, too few to mention \u2013 <\/em>see above
I did what I had to do \u2013 <\/em>raised rates in \u201818, cut them in \u201919 and \u201820, raised them 5%…
And saw it through without exemption \u2013 <\/em>except, of course, when we reversed a policy<\/em><\/p>\n\n\n\n

I planned each chartered course \u2013 <\/em>the policy decisions are on me, for better or worse
Each careful step along the by-way \u2013 <\/em>even when we\u2019ve been too cautious about changing policies
And more, much more than this \u2013 <\/em>repos, reverse repos, bank liquidity injections
I did it my way \u2013 <\/em>not Volcker\u2019s, Greenspan\u2019s, Bernanke\u2019s, Yellen\u2019s<\/em><\/p>\n\n\n\n

Yes, there were times, I’m sure you knew \u2013 <\/em>um\u2026, yeah
When I bit off more than I could chew \u2013 <\/em>too loose for too long, now maybe too tight for too long\u2026
But through it all when there was doubt \u2013 <\/em>doubt?
I ate it up and spit it out \u2013 <\/em>I see your recession fears and say that we\u2019re continuing to fight inflation
I faced it all and I stood tall <\/em>\u2013 I\u2019ve done a press conference every six weeks without fail
And did it my way \u2013 <\/em>mic drop<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Late in Chairman Powell\u2019s post-FOMC press conference he was asked whether he had any regrets about his time in office and answered, \u201cI\u2019ve had a few.\u201d Several wags on social media -myself included \u2013 picked up on the joke immediately. He was quoting the song \u201cMy Way\u201d.<\/p>\n","protected":false},"author":4,"featured_media":76616,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,18,6,8,9,26,3],"tags":[3473,314,591],"contributors-categories":[13576],"class_list":{"0":"post-189850","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"tag-federal-reserve-chair-jay-powell","15":"tag-fomc","16":"tag-outlook","17":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nGoldilocks Channels Sinatra | Traders' Insight<\/title>\n<meta name=\"description\" content=\"Late in Chairman Powell\u2019s post-FOMC press conference he was asked whether he had any regrets about his time in office and answered, \u201cI\u2019ve had a...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/189850\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goldilocks Channels Sinatra | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Late in Chairman Powell\u2019s post-FOMC press conference he was asked whether he had any regrets about his time in office and answered, \u201cI\u2019ve had a few.\u201d Several wags on social media -myself included \u2013 picked up on the joke immediately. 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