Surprised Powell went to Supreme Court hearing on Fed's Lisa Cook, says Jefferies' David Zervos

• Fed Chair Powell's presence at the Supreme Court hearing on Lisa Cook's firing is seen as a 'bad message' or 'bullying' tactic.
• Inflation concerns are overblown, with CPI at 2.7% and disinflationary pressures from technology and productivity.
• The Fed has 'skipped a beat' on its dual mandate, overlooking a weakening labor market and rising unemployment.
• Long-term outlook points to a 'real productivity boom' despite potential labor market disruptions.

David Zervos expresses surprise at Fed Chair Powell's attendance at the Supreme Court hearing on Lisa Cook, viewing it as a 'bullying' tactic. He believes the market overstates inflation concerns, citing disinflationary pressures from technology and a weakening labor market. Zervos maintains a long-term bullish view on productivity.