Supposedly, the "big news" is the decline of inflation. However, the monetary and political forces driving the latest bout of inflation have not gone away.
While many economists claim that high overall debt levels can lead to economic recessions, irresponsible government spending and money expansion are the real culprits.
The "2 percent" inflation target is purely arbitrary, and mainstream economists can't agree on the "right" level. It's all folly, and Austrian economics explains why.
While FedNow seems benign, there is the larger problem of the entire banking system itself being built on a foundation of sand. FedNow can only make that problem worse.
The latest rage in macroceonomics is modern monetary theory, whose adherents invariably resort to the motte-and-bailey fallacy. Advocating inflation is never a good idea.
