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Last week was full of speeches. Most of those that attracted national attention were at the Democratic National Convention, culminating in Vice President Kamala Harris’ big moment on Thursday. But there was another important speech on Friday: Federal Reserve Chair Jerome Powell’s talk at the Fed’s annual shindig in Jackson Hole, Wyo. Yes, Powell’s remarks were of particular interest to investors looking for clues about future monetary policy. But even though his speech was rigorously apolitical, it had important political implications. For what we’re seeing, I’d argue, is inflation fading away — not just in the data, but also as a political issue. And that, of course, is very good news for Democrats. About Powell’s speech: He noted that the i …
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