Central banks’ job is to manipulate – that’s why they exist. US President Donald Trump chides others for doing their job, but has been pressing for his own central bank, the Federal Reserve, to manipulate harder.
The US Federal Reserve’s open market committee talked patience again overnight as it kept its federal funds rate target range at 2¼-2½%.
If you thought, like I did, that US Federal Reserve chair Jerome Powell was looking for a way out of being brow-beaten by President Donald Trump recently, it seems we’d be at least a little inaccurate in the assumption.
The US Federal Reserve’s open market committee voted yesterday to maintain its federal funds rate target range at 2.25-2.5%, and to continue to withdraw $US50 billion/month of Treasury & mortgage-backed securities from the market.
On my way through a selection of economic articles & announcements this week, I looked at the US Debt Clock website a couple of times, and pondered how long it would be until the US clocked up $US22 trillion of national debt.
As further storm clouds gathered over international trade yesterday, the US Federal Reserve concentrated its vision on home affairs and raised the target range for the federal funds rate another quarter percent overnight.