Powell and Bullard Both See Additional Rate Hikes

            This week, there were two key speeches by Federal Reserve governors.  The most important was from new Fed President Jerome Powell.  I have previously described him as a technocrat; his latest speech further solidifies that description.  Like most Fed governors, he believes the labor market is the single-best indicator of the economy’s health.  He utilized a litany of labor market indicators to support his view that the economy has at or very near full employment.  These statistics included: a declining U-5 and U-6, declining rates of labor underutilization, high rates of job qui