Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
On September 18 the Fed cut its target for the fed funds rate by 50 basis points (0.5 percentage points), from 5.25% to 4.75%. The move surprised many analysts who had been expecting a more modest cut of 25 basis points. For those versed in the Austrian theory of the business cycle, as developed by Ludwig von Mises and elaborated by Friedrich