- Torsten Slok, chief economist at Apollo Global Management, said Jerome Powell’s choice of words at Jackson Hole—saying the labor market is in a “curious kind of balance”—was a signal that the Fed sees structural distortions from tariffs and deportations. Slok warned that cutting rates now could backfire if those forces keep inflation sticky, leaving Powell vulnerable to a 1970s-style “stop-go” policy mistake.
Federal Reserve Chair Jerome Powell used some very un-Powell-like language at Jackson Hole on Friday, and to Torsten Slok, chief economist at Apollo Global Management, that was a red flag.
