The Federal Reserve’s Federal Open Market Committee (FOMC) on Wednesday left the target policy interest rate (the federal funds rate) unchanged at 5.5 percent. This “pause” in the target rate suggests the FOMC believes it has raised the target rate high enough to rein in price inflation which has run well above the Fed’s arbitrary two-percent inflation target since mid-2021.
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America’s debt clock has ticked past $33 trillion, reaching a billion dollars of spending every hour. Meanwhile, the monetary policy conditions that have emboldened Washington’s spending spree are over.
After not raising rates to fight inflation last week, Federal Reserve Chair Jerome Powell delivered his usual speech and Q & A. He opened with three very peculiar sentences regarding price stability, leading to a few unsettling conclusions.
He starts with:
Price stability is the responsibility of the Federal Reserve.
It was a laughable moment when President Joe Biden said at a press conference during his visit to Hanoi that the United States wasn’t seeking to contain China. Despite efforts by the Biden administration to send its top officials to quell any suspicion that Washington, DC, was trying to contain China, Beijing has realized that the efforts were merely a cover-up.
Snow White (2024) is a terrible movie. Granted, I don’t have any particular insights into the film, but economics teaches me that everyone involved in that movie believes it’s a terrible movie, and I’m willing to bet that they’d know. So, unless this movie surprises absolutely everyone involved in making it, it’s a terrible movie.
“So what?” you might ask. But this example reminds us that the Fed’s inflationary money policies destroy all values, including artistic values. Let me explain.
