INFLATION, ONCE SET LOOSE, IS DIFFICULT AND PAINFUL TO REIN BACK IN: ‘We expect Powell to make a hawkish pivot’—Fed meeting to headline busy week for global markets. “We expect Powell to make a hawkish pivot. At the minimum, he’ll likely indicate the median FOMC participant now expects ‘less’ cuts this year. In a more hawkish direction, he could hint at a chance of no cuts — or even suggest a hike might be on the table, though not the current baseline.”