“We suspect the knee-jerk Jackson Hole reaction will be different in ’25 vs. for most of Powell's tenure,” wrote Bank of America in a note to clients this morning.

"It will be difficult for policymakers to tease out one-off tariff effects from longer-lasting inflationary pressures."

"It will be difficult for policymakers to tease out one-off tariff effects from longer-lasting inflationary pressures."