Silicon Valley Bank and the Soft Pivot of Our Weak-Kneed Fed

The U.S. Federal Reserve building is seen past caution tape in Washington, D.C., on Sept. 19, 2022. (Stefani Reynolds/AFP via Getty Images) Commentary

Old habits die hard for the folks over at the Federal Reserve, who immediately rung in the 2023 financial crisis with what will in due time be recalled as the fifth round of quantitative easing, the Fed’s preferred term for monetary expansion.

It’s now apparent that the Fed currently finds itself between a proverbial inflation rock and a recession hard place. Such is the lot of an economy brimming with cheap paper when the inflation chickens come home to roost and monetary austerity is required.

Until last week, the Fed appeared resolute in its commitment to defeating inflation by every means necessary. The Fed was even widely criticized for being too resolute, with commentators across the political spectrum voicing concerns over the speed at which interest rates were […]

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