OPINION
Published 3 hours ago
The Fed concedes that Trump was right all along
By Stephen Moore - FOXBusiness
Fed watcher: Tweaked inflation strategy is new way to print money
Former Dallas Federal Reserve adviser Danielle DiMartino Booth and “Collusion” author Nomi Prins add their analysis to the Federal Reserve’s announcement on its new inflation strategy.
Federal Reserve Chairman Jerome Powell admitted last week at the “virtual” Jackson Hole symposium that the Fed has undershot its 2% annual inflation target consistently for the last several years.
The Fed is tacitly admitting that its deflationary monetary policy has restrained growth and held down wages.
MORE FED STIMULUS NEEDED 'IN COMING MONTHS' TO FIGHT PANDEMIC HEADWINDS, BRAINARD SAYS
Now the Fed is promising to aim higher in order to get more dollar liquidity into the economy.
Powell’s 3,000-word address could have been summarized in just one sentence: “President Trump was right; we were wrong.”
Powell has been exalted of late as a sage and some have even suggested that he should be Time Magazine’s Man of the Year.
But for the last several years Trump is the one who has sounded the alarm that the Fed has been too tight, as evidenced by falling commodity prices and long term interest rates (market rates) signaling that expected inflation rates are at half the Fed’s target.
Trump may not be a trained economist, but when it comes to how to create growth, this real estate titan has uncanny instincts.
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READ MORE: https://www.foxbusiness.com/politics/fed-trump-right-all-along
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Powell’s 3,000-word address could have been summarized in just one sentence: “President Trump was right; we were wrong.”
Powell has been exalted of late as a sage and some have even suggested that he should be Time Magazine’s Man of the Year.
...
Trump may not be a trained economist, but when it comes to how to create growth, this real estate titan has uncanny instincts.
____________
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