(https://www.cnbc.com/2026/06/01/jerome-powell-fed-credibility-stress-test.html) — but the market's interpreting this backwards. Everyone's focused on the rate hike talk killing the 'soft landing' narrative. The real risk is institutional confidence in monetary policy itself. A politicized Fed is a powerless Fed, and equities have been priced on the assumption the Fed would backstop volatility when it matters.

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