The Prospector Michael Fox is joined by the National Investor Chris Temple to discuss the Fed’s latest Interest rate decision. The Fed surprised everyone by reducing the rate by 50 basis points. Michael noted that in the last discussion, he had made a case for the Fed to hold rates steady in spite of signals that a rate cut was coming. Chris noted that “Recalibration” was the word of the day as Chairman Powell used it at least 9 times in the post rate announcement Press conference. The discussion continued to examine the knock-on effects the rate cut may have on the future economy. We examined past history of the 1970’s and the stagflation the economy experienced and how then chairman Volcker lowered rates only to have inflation return with a vengeance. Finally, we discuss the red herrings, Black swans and the other “oopsies” that could affect the economy going forward.
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