Breitbart Business Digest: Powell Speaks and States the Obvious—No Rate Cuts Are Coming

Jerome Powell spoke today from our nation’s capital and indicated what we all know to be true: The Fed has“The recent data have clearly not given us greater confidence and instead indicate that it is likely to take longer than expected to achieve that confidence,” the Fed Chaira lack of further progressFederal Reserve Chairman Jerome Powell speaks at the Wilson Center in Washington, DC, on April 16, 2024.

Now hold on. “Lack of further progress”? Last week’s inflation data suggested that Bidenflation is not just stagnant;. This particular turn of phrase is like declaring that there has been a “lack of forward progress on my fitness goals” just after I ate an entire birthday cake., who said on Friday that the Fed’s two percent inflation target is way out of reach and that massive spending projects are largely to blame.in the CHIPS Act, the infrastructure act, and the .

It’s hard to ascertain how comfortable Fink is with inflation or all those massive spending programs, but he certainly isn’t denying they are what is driving inflation.Back to Powell on Tuesday. “If higher inflation does persist,” he said, “we can maintain the current level of forin recent weeks. Fed officials had forecast three quarter-point reductions this year; others on Wall Street believed we could see as many as six cuts in 2024.

in Washington would prefer to see Joe Biden beat Donald Trump in the November elections, and it will be easier for Joe to win if rates come down. So, look for politicians and media talking heads to try to devise some rationale to try to get the Fed slashing. It will be interesting to see what talking points they latch onto, considering that evidence that cuts are the right move, right now, isJuror Dismissed After Trump's Team Finds 'Lock Him Up' PostsDay 2: Donald Trump Says 'Trial Is a Disgrace ...

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