Wall Street is expected to open lower on Friday, following U.S. Federal Reserve Chair Jerome Powell’s comments on interest rate cuts. Powell indicated that the Fed may take a cautious approach to future rate reductions, citing ongoing economic strength and persistent inflation. This news has led to a rise in bond yields and a decline in rate-sensitive stocks. Reuters:
In July 2023, the Fed stopped raising rates too soon. – MacDailyNews, July 2, 2024 As we wrote in February 2023, “When certain quarters, including the Fed, delude themselves and others that ‘inflation is transitory’ and waste at least a year before doing a mere portion of what is necessary* (interest rate hikes), the price will be paid for being delusional and late.” ‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021 Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult. – MacDailyNews, May 11, 2022 For new generations, sometimes tough lessons have to be retaught and learned the hard way. As we go through this, remember: It’s always darkest before the dawn. – MacDailyNews, July 14, 2022 Inflation is repudiation. — Calvin Coolidge When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill… [which] comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan We are currently about 1/4th of the way to being sustainable with Substack subscriptions. Not a bad start! Please tell your Apple-loving friends about MacDailyNews on Substack and, if you’re currently a free subscriber, please consider $5/mo. or $50/year to keep MacDailyNews going. Just hit the subscribe button. Thank you! You're currently a free subscriber to MacDailyNews. For the full experience, upgrade your subscription.
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Friday, November 15, 2024
Fed Chair Powell says no need to rush interest-rate cuts
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