The Fed is super-stimulating the economy during what Powell said are good times economically, and Trump haters have decided not to wait until they lose the election to go violent against MAGA.
“Fed cut by 50 bps.
First, let’s see what others are saying about the Fed’s madcap decision to cut interest rates by 50%—something I was certain they would do, but as I said that doesn’t mean it is the right thing to do or that it makes sense with anything the Fed said.
Otherwise, it makes sense like this makes sense: As you may have possibly heard, the Federal Reserve today cut their (in)effective Fed Funds Rate from an astronomical 5.33% to (doing the math…) 4.83% or so, of 50 basis points, to use the scientific term.
But, I mean, at least from that perspective, a large rate cut would make sense.
It is, of course, the right thing to do if you believe the economy is already in a recession, as I do, and needs a shot in the arm … except that I wish the Fed would get out of the economic stimulus game anyway and let recessions correct our course.
He repeatedly stressed that the US economy was strong, but we should see the strong move as a commitment to keep the economy strong….
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