Scanty Eyes on the Fed
The Federal Open Market Committee (FOMC) is meeting tomorrow in Washington.
Within 18 hours, we could see a rate hike of .50 basis points… the highest in 22 years… and see if Chairman Powell can schmooze the markets long enough to settle down. The unsuspecting public – that’s “us” to them! – is getting slammed by inflation, aghast at plummeting stock prices, and holding their breath to see if the Powell Fed is going to stick to their plan and get even more “aggressive” than their puny little hike in March.
How many folks are channeling Paul Volcker these days? For years, Volcker and his successors tried to tame the beast. I met him once in his office many years ago… he had a caricature of himself as a viking slaying the dragon “Inflation.”