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Jerome Powell gave his final Jackson Hole speech today and the markets loved it. But should hardworking Americans trust this farewell performance from the Fed chair who got inflation wrong for years? Powell hinted at rate cuts coming soon, which sent stocks soaring across the board.
The Fed boss admitted the balance of risks is shifting in the economy. Translation: he knows he waited too long again to cut rates and now he’s scrambling to catch up. This is the same guy who called inflation transitory while families watched their grocery bills explode.
Powell talked about reviewing the Fed’s framework and strategy going forward. What a joke. The framework that gave us 40-year high inflation and crushed middle class savings with zero interest rates for over a decade? That framework needs to be thrown in the trash, not reviewed.
Wall Street cheered because they know cheap money is coming back. Big banks and corporations always win when the Fed prints more dollars and keeps rates artificially low. Meanwhile, savers and retirees get punished for doing the right thing with their money.
The unemployment rate has jumped nearly a full percentage point, which historically only happens during recessions. But don’t worry, the Fed says everything is fine. They have such a great track record of predicting economic trouble, right?
Powell’s term ends next May and he’s clearly trying to cement his legacy with this speech. He wants history to remember him as the steady hand who guided America through tough times. Too bad millions of families remember him as the guy who made their lives harder.
This whole Jackson Hole conference is just central bankers patting themselves on the back. They gather in luxury while regular folks struggle with high prices and economic uncertainty their policies created. It’s the Washington swamp at its finest.
The real question is whether the next administration will have the guts to rein in the Federal Reserve’s power. Americans deserve sound money and free markets, not government bureaucrats playing games with our economy from their ivory towers in Wyoming.
