Good morning. The US stock market did not blink at last week’s supposedly apocalyptic tech earnings. The S&P 500 was higher at its close yesterday than it was a week before. It seems that people want some risk exposure going into this week’s Federal Reserve meeting. There are high hopes that Jay Powell will make a noise about slowing the pace of rate increases or even pausing them. We don’t know whether that will happen or not; we wouldn’t make those noises if we were Powell, given that “sticky” prices have hardly slowed; but we are not Powell. In any case, we lay out below a case that the markets are still sleeping on the Fed’s real intentions, and the consequences of those intentions. Email us: robert.armstrong@ft.com and ethan.wu@ft.com.
早上好。美國股市對上周被認為是世界末日的科技公司財報沒有絲毫反應。昨日收盤時，標準普爾500指數高于一周前的水平。在本周的美聯儲會議之前，人們似乎想要一些風險敞口。人們對美聯儲主席杰伊?鮑威爾(Jay Powell)將在放緩甚至暫停加息的問題上大吵大鬧，寄予厚望。我們不知道這是否會發生；如果我們是鮑威爾，我們不會發出這些聲音，因為頑固的通脹幾乎沒有放緩；但我們不是鮑威爾。不管怎么樣，我們今天想要列舉一下另一派觀點的理由：市場還沒有完全領會美聯儲的真正意圖以及這些意圖的后果。給我們發郵件：robert.armstrong@ft.com 和 ethan.wu@ft.com。