The Feds dropped the interest rate by half a point. This will make Harris fare better, but it does not address the core problem. It will also make China and Wall Street happy.
This is BS. The economy isn’t strong. Every sector is a bubble: stocks, housing, autos, pensions, etc. Food and energy prices are bad. Harris’s idea is to control prices like a dictator and destroy capitalism.
Inflation was never under control, and it will get worse. Purchasing power will collapse further.
This is a CLEAR Fed pivot and the Fed is signaling that they believe inflation is sustainably moving to 2%.
The Fed is now making unemployment their top priority as the labor market has weakened.
Huge decision.
Follow us @KobeissiLetter for real time analysis as this develops.
โ The Kobeissi Letter (@KobeissiLetter) September 18, 2024
The problem is the core problem of ever-increasing debt.
EJ Antoni @RealEJAntoni joins Wealthionโs @AndrewFBrill in our special coverage of the Fedโs Federal Open Market Committee this week. EJ explains why the Fedโs plan to cut interest rates wonโt solve the deeper economic problems threatening American financial stability. Enjoy! pic.twitter.com/cJkQrSxiJF
โ Wealthion (@wealthion) September 17, 2024
Currently, and it’s getting worse, 55 cents on every dollar is going to interest.
About half of all personal federal income taxes are going just to interest on the debt; grab your most recent paystub and realize that half your income tax is not going to roads, bridges, the military, schools, hospitals, or Social Security – JUST INTEREST: https://t.co/faWw5MlQoX
โ E.J. Antoni, Ph.D. (@RealEJAntoni) September 16, 2024
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