On September 17, Jerome Powell walked onto the stage and said the most expensive words of the year: “Good afternoon.” Wall Street jokes that when Powell opens with “Good afternoon,” it signals a hawkish tone. If he says “Hello everyone,” it’s usually dovish. This time, it was indeed “Good afternoon.” Other central bankers also send signals through small gestures. Russia’s Elvira Nabiullina wears a dove brooch for dovish speeches and an eagle brooch for hawkish ones. These details reinforce personal branding. Buffett has his Coca-Cola, NBA legends have their cigars, and Powell has his words. Back to business. The Fed cut its benchmark rate by 25 basis points to 4.00%-4.25% and hinted at two more cuts this year. For global […]