None of the domestic data suggest that emergency measures are called for here. The Fed should save some ammunition.
While the President continues to express disappointment in the Federal Reserve, he should be more disappointed in his own policies.
While some called Yellen's comments unprecedented by a recent Fed Chair, still more unusual is the President's constant criticism of the Fed itself. The Fed did exactly the right thing on Wednesday: a mid-cycle correction of interest rate policy to extend the length of a historic economic recovery; vaccinate the U.S. economies from overseas ills; and attempt to push inflation up high enough, though not too high, to ensure that in the next recession the U.S. doesn't fall into an inflation trap.
In fact, there is no disputing that Trump's tariff war has slowed global manufacturing to near contraction. Recent reports suggest the Swiss are looking to devalue their Franc, while the British pound has hit a 34-year low against the dollar amid deepening Brexit concerns. Then, the Fed will be forced to employ emergency measures again, this time with no guarantee that they will ward off, or even lessen, a recession that comes with inflation at such low ebb.
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