The Fed Has Finally Cut Interest Rates But It Might Be The Last In A While
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Jerome Powell can keep his job… for now
The Federal Reserve of money (aka THE Fed) has at last lowered interest rates by 0.25 percentage points to 3.50/3.75%, the lowest it’s ever been since three years ago.
The problem is the Fed is caught between a rock and a hard place, on the one hand, you’ve got a plummeting job market, but on the other hand, you have the prices of everything rising but on a secret third hand, you have me with a three-way parlay on whether Jay Powell will sneeze during the announcement.
But Trump’s only happy with more, more, MORE, saying that the cut should have been “at least doubled… Our rates should be much lower, we should have the lowest rates in the world!!!” he screamed before passing out.
And his lackays are falling in line with this sentiment. Trump’s Council of Economic Advisors person, Stephen Miran, for example, voted against the cut, instead wanting a more dramatic 0.5 point cut.
And as for ‘the hard place’, the presidents of Chicago and Kansas City’s Feds voted to keep rates as they are.
Death by 0.25 cuts
We likely won’t see any rate cuts over the coming months but with Jay Powell’s imminent retirement/assassination his replacement could easily come in and set interest rates to minus a billion as is Trump’s heart’s desire.
We’ll just have to see how things pan out but until then, check out who’s the front runner to replace Powell: Jerome Powell Is Getting Fired, Here Are The Top 5 Likely Replacements
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