Why traders aren’t buying the Fed’s ‘higher-for-longer’ vision

Fed Chair Jerome Powell, speaking last week after the end of a two-day policy meeting, said he and his colleagues’ new expectations for the policy rate path are shaped by the economy’s unexpected resilience to rate hikes so far. The view of traders, and that of some economists, is that a faster loss of economic momentum and slowing jobs growth could forestall any further tightening and possibly trigger earlier policy easing next year