Fed To Cut With “Loose As A Goose” Financial Conditions
It is absolutely clear to us this rate cut is motivated to placate an absolutely clueless and unprincipled president and also including Wall Street traders. We call them the “market socialists” who look for government intervention to set prices rather than allowing the market to work its invisible hand.
If economic and financial conditions were actually tighter we would be less harsh but they are not.
The Chicago Fed’s National Financial Conditions Index (NFCI) shows financial conditions are over 20 percent easier than when the Fed tightened in December. Yes, their pivot eased without acting but come on, man!
We suspect, even if the Fed cuts today, conditions are going to tighten, in part, because of the cut. Stranger things.
Chicago Fed’s National Financial Conditions Index (NFCI)
Source: https://global-macro-monitor.com/2019/07/31/fed-to-cut-with-loose-as-a-goose-financial-conditions/
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