The Republican Party has decided that they’re going to go after the Fed now that inflation appears to have cooled and prices are finally beginning to drop. Since this news isn’t being covered anywhere outside of the business pages, I figured this would be a fun place to drop this, especially because I’m totally sick of arguing about Joe,…
The Republican Party has decided that they’re going to go after the Fed now that inflation appears to have cooled and prices are finally beginning to drop. Since this news isn’t being covered anywhere outside of the business pages, I figured this would be a fun place to drop this, especially because I’m totally sick of arguing about Joe, Donald and the media. They’re gonna do what they’re gonna do and there isn’t anything you or I can say that will change that.
From this morning’s edition of “The Fucking News”
Here’s where things get fun/treasonous.
Inflation has been cooling. Yesterday we learned that in June, prices fell by one-tenth of one percent. Prices are still up year over year, but as of now, inflation is technically gone (although prices are still rising on some shit that we buy).
The entire endgame for those high interest rates has been that the Fed would lower them once inflation was heading toward its benchmark level of a 2% annual rate. Which is where it’s now headed.
So the Fed has signaled that a rate cut might be coming to lower that 5.25% interest rate, which would make it cheaper to borrow money, thereby spurring people to buy shit, thereby injecting even more money into the economy, thereby boosting Wall Street and the economy overall.
Right before the election. Which Republicans don’t want because patriotism.
So now Republicans are warning Powell not to make it cheaper for you to get a home loan or car loan until after you leave your vote in a paper bag under a bench in the zoo. In return for voting Trump back into the White House, then you can have your precious low interest rates back.
Think I’m exaggerating?
Maybe a little. But less than 5.25%!
Here’s Sen. Kevin Cramer (R-ND), of the Banking Committee, after grilling Powell at a hearing earlier this week, telling Politico the Fed shouldn’t lower your interest rates: “[A]nything they do before November would be rightfully — would raise the question of their own independence.”
Too vague? How’s Cramer warning Powell not to help you out, as he quoted himself in his own press release:
“[A]ny move to lower interest rates or move interest rates either direction before November 5 could certainly be a bad perception. Even if there's a strong push to do that. I know you understand that. But I just want you to know that. As long as you remain independent, I'll be on your side.”
But, but, surely Cramer’s an aberration? Right?!? Well, in some ways, hell yeah. But not on this.
Here’s Rep. Mike Lawlor (R-NY), when he had Powell testifying before his committee this week, making Powell an offer he couldn’t refuse:
“[D]o you acknowledge, or do members of the [Fed] acknowledge that a rate cut in September could be viewed as political just 30 to 60 days before an election?"
Here’s Financial Services Chair Rep. Patrick McHenry (R-NC) on Wednesday: “I think a September rate cut will not be perceived as apolitical.”
But, but surely no one’s actually seeing these as threats? Right?!?
Here’s a note to clients yesterday from Renaissance Macro Research: If Fed members “proceed with an interest rate cut in September, expect Trump and Republican lawmakers to seek vengeance.”
But, but, surely that’s just Renaissance Macro Research’s guess? Right?!?
The guy who wrote that client note was Renaissance Macro Research Policy Research Director Steve Pavlick, a former Trump Treasury official.
But, but, surely there’s no evidence Trump feels this way. Right?!?
Trump said as early as February that any rate cut from the Fed would be political. He told Fox he expected Powell “to do something to probably help the Democrats, you know, I think if he lowers interest rates."
The Fed got the first warning note wrapped around a brick through their window back in February.
And the warnings are ramping up now even though the Fed isn’t expected to make this call until September. And everything could change depending on what happens with inflation and jobs between now and then.
Sounds like the infamous MCConnell move that no SCOTUS appointments 'close to an election.' If it's D's doing the appointing. In other words just MAGA-infected R's doing their usual dirty, lying, foul, underhanded shit.
I read that article as well and I believe Powell (a Trump nominee) responded that not lowering interest could also be considered political. I believe he leaned into previously stated goals and following the data.
They never cease to amaze, do they? I guess WE have to move the conversation from the 24/7 *Biden Campaign Death Watch*™️ that the media seems all too self satisfied than to move away from right now.
We can’t change any of this and to continue to drive ourselves mad trying to figure out the best path forward when we are not nor ever will be involved in determining said path is making us all angrier. In other words, none of this is helping to move the conversation forward.
Wow. “Don’t you dare make the changes to improve the border that we asked for, or make home-buying or inflation less burdensome for the little guy like we say we want to. That can only be done legitimately by us Republicans! If WE do it, it isn’t political.”.
Remember when Donald badgered the Fed to lower interest rates relentlessly and they said nothing? Or that Donald wants to basically take control of the Fed in a 2nd term? Obviously none of that is political because … idk I’m struggling here.
lol. Well, yeah. It’s more the lack of reaction from any of them when Donald says that shit and projecting the whole *omfg! it is AlL jUSt POLiTIcS* if the Fed lowers rates before the election.
The Republican Party has decided that they’re going to go after the Fed now that inflation appears to have cooled and prices are finally beginning to drop. Since this news isn’t being covered anywhere outside of the business pages, I figured this would be a fun place to drop this, especially because I’m totally sick of arguing about Joe, Donald and the media. They’re gonna do what they’re gonna do and there isn’t anything you or I can say that will change that.
From this morning’s edition of “The Fucking News”
Here’s where things get fun/treasonous.
Inflation has been cooling. Yesterday we learned that in June, prices fell by one-tenth of one percent. Prices are still up year over year, but as of now, inflation is technically gone (although prices are still rising on some shit that we buy).
The entire endgame for those high interest rates has been that the Fed would lower them once inflation was heading toward its benchmark level of a 2% annual rate. Which is where it’s now headed.
So the Fed has signaled that a rate cut might be coming to lower that 5.25% interest rate, which would make it cheaper to borrow money, thereby spurring people to buy shit, thereby injecting even more money into the economy, thereby boosting Wall Street and the economy overall.
Right before the election. Which Republicans don’t want because patriotism.
So now Republicans are warning Powell not to make it cheaper for you to get a home loan or car loan until after you leave your vote in a paper bag under a bench in the zoo. In return for voting Trump back into the White House, then you can have your precious low interest rates back.
Think I’m exaggerating?
Maybe a little. But less than 5.25%!
Here’s Sen. Kevin Cramer (R-ND), of the Banking Committee, after grilling Powell at a hearing earlier this week, telling Politico the Fed shouldn’t lower your interest rates: “[A]nything they do before November would be rightfully — would raise the question of their own independence.”
Too vague? How’s Cramer warning Powell not to help you out, as he quoted himself in his own press release:
“[A]ny move to lower interest rates or move interest rates either direction before November 5 could certainly be a bad perception. Even if there's a strong push to do that. I know you understand that. But I just want you to know that. As long as you remain independent, I'll be on your side.”
But, but, surely Cramer’s an aberration? Right?!? Well, in some ways, hell yeah. But not on this.
Here’s Rep. Mike Lawlor (R-NY), when he had Powell testifying before his committee this week, making Powell an offer he couldn’t refuse:
“[D]o you acknowledge, or do members of the [Fed] acknowledge that a rate cut in September could be viewed as political just 30 to 60 days before an election?"
Here’s Financial Services Chair Rep. Patrick McHenry (R-NC) on Wednesday: “I think a September rate cut will not be perceived as apolitical.”
But, but surely no one’s actually seeing these as threats? Right?!?
Here’s a note to clients yesterday from Renaissance Macro Research: If Fed members “proceed with an interest rate cut in September, expect Trump and Republican lawmakers to seek vengeance.”
But, but, surely that’s just Renaissance Macro Research’s guess? Right?!?
The guy who wrote that client note was Renaissance Macro Research Policy Research Director Steve Pavlick, a former Trump Treasury official.
But, but, surely there’s no evidence Trump feels this way. Right?!?
Trump said as early as February that any rate cut from the Fed would be political. He told Fox he expected Powell “to do something to probably help the Democrats, you know, I think if he lowers interest rates."
The Fed got the first warning note wrapped around a brick through their window back in February.
And the warnings are ramping up now even though the Fed isn’t expected to make this call until September. And everything could change depending on what happens with inflation and jobs between now and then.
Sounds like the infamous MCConnell move that no SCOTUS appointments 'close to an election.' If it's D's doing the appointing. In other words just MAGA-infected R's doing their usual dirty, lying, foul, underhanded shit.
I read that article as well and I believe Powell (a Trump nominee) responded that not lowering interest could also be considered political. I believe he leaned into previously stated goals and following the data.
That's a good response because it points out what Republicans are really saying to Powell.
You are obligated to use your position to help us politically.
Just more evidence that the Republican party is a fully fascist party, though we're not supposed to say it.
They never cease to amaze, do they? I guess WE have to move the conversation from the 24/7 *Biden Campaign Death Watch*™️ that the media seems all too self satisfied than to move away from right now.
We can’t change any of this and to continue to drive ourselves mad trying to figure out the best path forward when we are not nor ever will be involved in determining said path is making us all angrier. In other words, none of this is helping to move the conversation forward.
Wow. “Don’t you dare make the changes to improve the border that we asked for, or make home-buying or inflation less burdensome for the little guy like we say we want to. That can only be done legitimately by us Republicans! If WE do it, it isn’t political.”.
Remember when Donald badgered the Fed to lower interest rates relentlessly and they said nothing? Or that Donald wants to basically take control of the Fed in a 2nd term? Obviously none of that is political because … idk I’m struggling here.
Powell is a badass. I don't think he gives a crap about these threats.
lol. Well, yeah. It’s more the lack of reaction from any of them when Donald says that shit and projecting the whole *omfg! it is AlL jUSt POLiTIcS* if the Fed lowers rates before the election.