The statement was shrugged off as a nothingburger but as Powell began speaking - beginning with a focus on inflation - he flipped and offered the junkie-market just the fix it needed: "likely appropriate to slow increases at some point" and any further increases will be "data dependent."

Hawkish statement... Dovish presser.

Finally, Powell said "he doesn't see US in recession", and - toeing the Biden admin line - proclaimed, that he takes the first estimate for Q2 GDP (due tomorrow) "with a grain of salt."

What that translates to is simple...