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Episode 9 – The Fed Continues to Have Its Cake and Eat It Too
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To the surprise of no one, the Federal Reserve decided to keep the Fed Funds rate target at 25 to 50 basis points. They continue to grasp at straws to find a new excuse to delay hiking rates. This time, it’s Brexit. They’ve used bad job reports, China, and countless other reasons to put off this decision. I’m not sure how much longer they can keep up this charade, but I know they will at least try to prolong the inevitable until the November FOMC meeting. Janet Yellen has every political motivation to keep the economy propped up until the November presidential election to help Hillary Clinton get elected, as Yellen would likely retain her position as chair of the Federal Reserve Board if Clinton was elected. A downturn in the economy would be a boon to Donald Trump’s chances at the presidency, so I do not envision Yellen being willing to raise rates prior to then. I can’t believe so many people still believe the Fed knows what it’s doing; it is only a matter of time before people are forced to wake up to the reality that they are in uncharted territory and there is no way that this can end well.
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