In the last few months, the Federal Reserve has signaled that it is prepared to cut interest rates. Today’s 50bps rate cut, however, exceeded most expectations.
As ZeroHedge has noted, “only 9 of 113 economists surveyed” expected this sort of move, and the Fed’s own dot plot shows a growing appetite for more aggressive action in the near future.
Amazing what an 818K downward jobs revision that "nobody could have seen coming because the Biden economy was so strong" will do… pic.twitter.com/xvTwmE4eUJ
— zerohedge (@zerohedge) September 18, 2024
The Fed’s actions are best understood as acknowledging the obvious: the regime has been gaslighting the public about the economy. Despite the constant assistance from the Biden-Harris Administration and their reliable allies in the media that the economy is strong, today’s Fed action was a crisis-level response.
What changed? The job market is an obvious one. Once the go-to argument for the strength of the American economy, official numbers show there are now fewer full-time jobs in America than there were a year ago. This follows significant revisions to jobs reports that overstated almost a million jobs. […]
— Read More: mises.org
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