Tuesday, September 13, 2022

Well, That's Very Reassuring

The Detroit News: Powell: Higher rates won’t likely cause deep US recession

This statement is not reassuring, at all.

Remember, this is the same Powell that stated  in the not-so-distant past that the "Recent Rise in Inflation Is ‘Transitory - as inflation that proved it was not transitory at all.

Turns out it is not, in fact, transitory and it is still very much continuing.

You know, the same transitory inflation that he later admitted he was wrong about and has now been raising interest rates to try to beat down, even as the Biden administration continues to flood the economy with more government spending and more dollars into circulation?

Yes, him.

His current statement that raising rates now won't likely cause a deep US recession needs to be taken with a large block of salt, not to mention an expectation that we're about to hit a deep US recession considering his prognostication accuracy to date.

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