Fed Stands Pat; Waiting For Data But Becoming Obsolete?

Yesterdays Fed decision to hold their cash rate, despite two dissenters on the FOMC, Governors Christopher Waller and Michelle Bowman (both Trump appointees), voting 9-2 to hold its benchmark federal funds rate in a range of 4.25%-4.5% was an interesting object lesson in the two Americas, one based on the current data showing balanced employment and growth, despite millions of Americans saying jobs are suddenly hard to get, even as inflation refuses to be tamed; while the impact of tariffs have yet to be fully seen, the other America is that many are doing it tough now, with high interest […]