The Fed Is Losing Its Grip Over Interest Rates

In today's press conference, Jerome Powell attempted to project an aura of strength as he attempted to jawbone bond yields back into submission. He defiantly dismissed any suggestion that the Fed will ever raise interest rates ever again. Powell knows however that the Fed's grip over interest rates is quite tenuous. His press conference today looked to me more like the actions of a wounded animal, rather than a confident predator. Powell, I contend, fears that he will not be able to contain the continued rise in bond yields.