We Have Nothing To Fear But Nothing To Fear

Fed Chair Jerome Powell was very reassuring during his congressional testimony today. He said the economy is fine, inflation is moderating, and interest rates have probably peaked. He also said the Fed is likely to lower interest rates, but won't rush to do so: "We believe that our policy rate is likely at its peak for this tightening cycle. If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year.” 

Today's JOLTS report for January was happy news. There were still plenty of job openings at 8.86 million , or 1.4 openings for every unemployed worker (chart).