The Federal Reserve cut the interest rate by one-quarter of a percentage point on Wednesday, marking the first such reduction in 11 years and providing an extra boost to the domestic economy as it faces the headwinds of a global economic slowdown.
The announcement came at the conclusion of a two-day meeting of the Federal Open Market Committee, the central bank’s monetary policymaking arm.While Fed Chairman Jerome Powell has acknowledged the strength of the nation’s economy — the 10-year economic expansion is the longest on record, unemployment stands at a near-historic low of 3.7 percent, and the stock market continues to chalk up record highs — Wednesday’s move is an attempt to guard America against increasing geopolitical tensions, the potential impact of Brexit, and fallout from President Donald Trump’s protracted trade war with China.
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IMHO, this is more evidence of head-sand-plowing by Wall St. yclept gurus who think there is no end to the financial shell game. Go to Author: Peter Grandich (Confessions of a Wall Street Whiz Kid) for an explanation of why the end is coming because of a bloated debt, dollar weakness, trade issues, etc. It is time to recognize that we are in deep doo-doo.