Powell confirms it's all codes
The biggest weasel word in central banking is 'volatility'. It can mean whatever you want it to in the right context.
When central bankers complain about currency 'volatility' it's almost always currency strength. And when they complain about volatility in broader markets it's almost always stocks and it's always weakness. No one complains about the volatility when stocks are in an uptrend.
On FX, it's manipulation. It's usually an effort to talk down the currency.
In stock markets, it's politics. It's uncouth to talk about stock markets because it looks like that's all you care about. But the fact is that their actions have been to boost stocks and weaken currencies.
I'd love to hear a politician step up and ask "why don't you just say 'stock markets' if that's what you mean? What are you scared of?"
