Late in the month with real rates still near zero, Chairman Powell said interest rates were “just below” broad estimates of neutral. Investors interpreted his remarks as precursor to a dovish pause by the Fed. Markets surged and erased most monthly losses. With central banks retracting liquidity over the last year, however, asset yields and discount rates have risen steadily, putting pressure on asset prices. A Fed pause won’t halt this trend but will extend US growth, restrain the US dollar, and provide pricing support globally.