1622 ET - The takeaway from Jerome Powell's May press conference: Don't hold your breath for the Fed to adjust interest rates, writes economist Stephen Stanley of Santander. Markets, eager to quickly incorporate revised expectations for how the Fed will set rates going forward, need to take a deep breath, he says. "Financial market participants want this to be a comic book, where we get to the end of the story in 10 minutes, but Powell is suggesting that it is an 800-page novel, and we are currently reading Chapter 2," Stanley writes in a note to clients. "So, buckle in and keep reading." (matt.grossman@wsj.com, @mattgrossman)

(END) Dow Jones Newswires

May 07, 2025 16:22 ET (20:22 GMT)

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