Fed preview: Ignore the dots, focus on Powell ...Middle East

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Fed preview: Ignore the dots, focus on Powell
I wrote yesterday about a small detail in the dot plot that might be ignored in the initial move but will have some larger repercussions. Beyond that, I expect the dot plot is going to be an overrated part of the equation when the Federal Reserve meets tomorrow.That's natural because it's one tangible number the market can latch onto -- 50 or 75 bps in cuts this year. What it ignores is that most Federal Reserve members don't know what they will do next. Virtually all of them have pledged to go where the data takes them and no one has ruled out cutting rates at any point.What I will be looking for, and what the market will ultimately focus on, are indications from Powell about how willing an

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