The Powell FED are a bunch of incompetent amateurs. They left rates at zero for a ridiculously long time. They said inflation was transitory and refused to raise rates, when it was obvious to all they were behind the curve.

Now after the longest yield curve inversion in history, while it was clear the stats were either falling or BS from the BLS, they have refused to cut rates when the markets were telling them we were in a recession. I said before the meeting they needed to cut 50 basis points in July. I said after the meeting they blew it and they were going to be forced to have an emergency cut. (They had the U/E number before their meeting and still didn’t cut. They should all be fired.)

It should now actually be one full point, but they are unlikely to do that. We will probably have to settle for 50 basis points now and another 50 in Sept. The plunge in market interest rates have confirmed how bad the FED has once again dropped the ball. Ridiculous arguments by academic theorists, here and elsewhere, were as clueless, as the FED officials themselves.