The Key to Understanding the Fed

Posted On Feb 2, 2022 By Addison Wiggin

This week the Fed governors have been filling the airwaves, making sure everyone knows that they’re ready to take action. A rate hike is expected in March, with more to follow. And the Fed will wind down its direct purchasing of assets, believing the pandemic-stricken economy is now strong enough to stand on its own. “The risk that our policies are going to lead to a contraction in the economy, I think they’re relatively far off,” President Raphael Bostic of the Federal Reserve Bank of Atlanta told Yahoo News on Monday. We’re not sure how Mr. Bostic justifies his prediction — assuming it’s based on anything at all. As we’ve said before, the Federal Reserve’s job is to convince investors that everything is fine. But that wasn’t always the case, as Jim Rickards tells me in this week’s Session.“I was around in the ’70s and ’80s,” Jim says, “when they never told you what they were doing.” The only people with any sort of advance notice of the Fed’s moves were the primary dealers. Not so today…


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