The market is hoping for 'goldilocks' as Powell faces the press and hopes to offer a 'not too dovish' and 'not too hawkish' perspective after hiking rates, and carefully signalling uncertainty over how much more is to come.
As a reminder of what just happened - The Fed hawkishly raised its rate-hike trajectory, raised GDP growth expectations, left the inflation outlook alone, but talked down the economic outlook in its statement - Powell has some 'splaining to do.
Ian Shepherdson of Pantheon Macroeconomics notes that "only one FOMC member needs to add another hike to their 2018 profile to raise the median to four hikes this year; that looks like a very good bet for June. In the meantime, though, this is a pretty benign outcome for markets, for now."
And we wonder who the 5% dot plot in 2020 is...
Bloomberg's Steve Matthews notes that Powell's press conference will be interesting on lots of levels.
For one, unlike Janet Yellen and Ben Bernanke, the new chairman tends to be very straightforward in his answers -- there are lots of yeses and nos. Such directness can be a little disquieting to markets -- stocks dropped after his first day of congressional testimony in February.
Second, as Fed watcher Roberto Perli notes, new Fed chairs can have a tendency to be a little less polished at first.
So fasten your seatbelts.
So which will it be?
Hawkish 'man of steel'?
Or market-pandering goldilocks?
Will he mention LIBOR's blowout? The Deficit? Fiscal Unsustainability? Trade wars? Record high sentiment?
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