Higher and higher . Jerome Powell came out if his hole and saw no inflation, so now we have 6 more months of 0% interest rates (at least) for the Banksters. The markets loved Powell sticking to his story that the inflation that is obvious to every sentient being on this planet is only " transitory " and will go away when the virus goes away so yeah, viruses cause inflation, not the Fed - that's the ticket… . As noted by the NY Times: "Powell repeated his longstanding belief that high inflation was mostly caused by disruptions in global supply networks and other ripple effects of the pandemic — problems that the Fed can’t do much about. "On interest rates, Mr. Powell rejected the thinking of leaders at several other leading central banks and of a handful of his own colleagues. They think that excess demand in the economy is a big part of the inflation problem and that rate increases would help address it — and that current high inflation could become ingrained in economic decision-making, with long-lasting consequences." It is a delicate moment. President Biden must decide whether to reappoint Mr. Powell to a second term leading the Fed. High inflation is causing economic discontent for Americans, according to surveys, and helping to drag down the president’s approval ratings. Global bond markets have been gyrating amid uncertainty about whether the era of ultralow interest rates may be coming to an end. The Bank of Canada, the Reserve Bank of Australia and the Bank of England have all indicated they will be raising rates and several Eastern European Central Banks have already raised rates, with Poland moving to 0.75% on Wednesday – 3 TIMES the rate offered by the Fed. IN PROGRESS
Higher and higher.
Jerome Powell came out if his hole and saw no inflation, so now we have 6 more months of 0% interest rates (at least) for the Banksters. The markets loved Powell sticking to his story that the inflation that is obvious to every sentient being on this planet is only "transitory" and will go away when the virus goes away so yeah, viruses cause inflation, not the Fed - that's the ticket….
As noted by the NY Times:
"Powell repeated his longstanding belief that high inflation was mostly caused by disruptions in global supply networks and other ripple effects of the pandemic — problems that the Fed can’t do much about.
"On interest rates, Mr. Powell rejected the thinking of leaders at several other leading central banks and of a handful of his own colleagues. They think that excess demand in the economy is a big part of the inflation problem and that rate increases would help address it — and that current high inflation could become ingrained in economic decision-making, with long-lasting consequences."
It is a delicate moment. President Biden must decide whether to reappoint Mr. Powell to a second term leading the Fed. High inflation is causing economic discontent for Americans, according to surveys, and helping to drag down the president’s approval ratings. Global bond markets have been gyrating amid uncertainty about whether the era of ultralow interest rates may be coming to an end.
The Bank of Canada, the Reserve Bank of Australia and the Bank of England have all indicated they will be raising rates and several Eastern European Central Banks have already raised rates, with Poland moving to 0.75% on Wednesday – 3 TIMES the rate offered by the Fed.
IN PROGRESS
