A massive rise in the federal interest rate is coming, but Federal Reserve Chair Jerome Powell is refusing to come clean with the American people.
Can we all agree that the Federal Reserve has a plan to combat runaway inflation? They do. Chair Jerome Powell has all but admitted it. After tempering his comments before previous rate hikes, allowing wiggle room which gave way to market rebounds, Powell has left no bones about this one. It is necessary to wreak some havoc on the economy and put downward pressure on the labor markets and wage increases to stop the creep of inflation.
Except that the soft landing he’d like to attain is something from a science fiction novel. It is something that those following the situation don’t believe. Former Federal Reserve Bank of New York President William Dudley There’s no question that a rate hike of 150 basis points would genuinely shake up the market. So, too, does a 75-basis point hike with a promise of more to come. There’s an advantage to taking the plunge all at one time. Done once, Powell could’ve come out and clearly articulated a path forward.
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