Today, Fed Chairman Jay Powell is widely expected to announce another interest rate cut. Recently, I predicted that rates won’t change this month. Am I wrong? Stay tuned.
Update: Darn, they did it. Another 0.25% cut. It was an academic question, as the change doesn’t affect me.
This graph spans my entire working life, from 1971 when I started my part-time job in high school, through my retirement in 2017.
So now Wall Street goes into full-blown panic mode. They’ve had an incredibly good year, with all-time highs, but having everything is never enough for these guys.
It’s hilarious that uncertainty is often given as the reason for market instability, because here they’ve been told what to expect in the coming year and it has the same effect. Count on Trump putting pressure on Powell.