Last Friday’s jobs report laid bare the misjudgment., the labor market is gaining strength, not faltering. Wages are up four percent year-over-year, further proof that the Fed’s justification for cutting rates was flimsy at best.
. The economy is driven by resilient consumer demand, revised upward income data, and robust hiring. Yet, the Fed cut rates, not out of economic necessity, but under the weight of political influence and financial sector pressure. The Democrats, hoping for a sugar high to boost their election chances, wanted an even deeper cut, with Warren and others calling for 75 basis points. Their argument? That the Fed was being too cautious, risking a recession if it didn’t slash rates aggressively.
Vice President Kamala Harris delivers remarks on August 15, 2024, in Largo, Maryland. The irony, of course, is that while the Fed’s rate cut was cheered by political leaders, it’s. Wage growth is finally starting to outpace inflation, and workers are seeing long-overdue gains in their purchasing power. But with the Fed cutting rates prematurely, the risk of inflation creeping back into the picture grows stronger.
What’s more, Wall Street has been clamoring for a push almost since the Fed began raising rates. Many analysts were convinced Fed hikes would trigger a recession two years ago. More recently, they have been arguing that theunder the weight of this political and financial sector pressure
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