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Inflation Begins
ByThe second cut in two weeks. Uh-oh. Bridget Magnus worries:
Wall Street thinks that this is a Good Thing. They see this as meaning that the Fed is on top of things and will do whatever it takes to avoid recession. I see the fact that they had to take this cut after last week’s large cut as a sign that things are not very good at all. It means the economy is in bad enough shape that they did not feel comfortable letting that cut work its way through the system. It means they are nervous about the fact that GDP growth a shorthand way of looking at our economic output slowed to 0.6% last quarter.
