Inflation is much too high and we understand the hardship it is causing. We’re moving expeditiously to bring it back down.
Fed Chairman Jerome Powell said during a news conference, which he opened his speech to “the American people.”
CNBC wrote ‘He noted the burden of inflation on lower-income people, saying, “we’re strongly committed to restoring price stability.”’
Also, stocks rose on the news that a three-quarter percentage hike is off the table.
Seventy-five basis points is not something the committee is actively considering.
Powell added
The current rate of inflation is 8.5%, and the true number is at least double that number.
AUTHOR COMMENTARY
The rich man’s wealth is his strong city: the destruction of the poor is their poverty.
The rich ruleth over the poor, and the borrower is servant to the lender.
Proverbs 10:15, 22:7
Simply put: it’s another dog & pony show. This does nothing to stop inflation, clearly. The easy money will continue, as will the manufactured crisises to justify even more debt creation.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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