Powell confesses 'This time it's different'

Despite some high-octane hawkishness from his colleagues – several more of whom are speaking on Wednesday – Powell seemed to reassure investors with some basic honesty about the peculiarity of this business cycle – and the dangers of extrapolating too much from a few data points or overcommitting on future policy moves. “This cycle is different from other cycles…it has just confounded all sorts of attempts to predict,” Powell admitted.