Are you wondering why checking out at the grocery store these days feels like making a mortgage payment? This week’s four-decade-high inflation is a direct result of the Federal Reserve taking its eye off the ball over the last two years. Instead of focusing on its mandate of keeping prices stable, it has been more concerned with financing massive federal deficits and kowtowing to liberal ideology.
But now the Fed chair is claiming just the opposite.
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Georgia’s 11th Congressional District (GA11) Representative, Barry Loudermilk, criticized President Joe Biden and the EPA’s Fiscal Year (FY) 2023 Budget on Tuesday.
“Biden’s war on American energy production is getting an assist from the Democrat-led Congress in the FY23 Interior and EPA appropriations package. [It] restricts offshore drilling in the Gulf of Mexico and restricts new projects in designated areas of the continental shelf,” Loudermilk said.
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In January, 2001, America had a balanced budget, low debt, and was at peace. Here, briefly, is what lay ahead: war, financial crisis, civil unrest, massive growth of the federal government, and now severe inflation.
Never in the history of America has our government in its ineptitude created such a false economy, risking hundreds of years of hard work on unsound and unworkable economic policies. The Founders wisely relied on dispersion of power. They knew there would be dishonest and incompetent politicians but, in this case, the entire government is infected with deceptive leaders.
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Inflation increased at a rapid 5.4% clip compared to August 2020, the Department of Labor said Wednesday.
The Consumer Price Index (CPI), a common tool used to measure inflation, increased 0.5% between June and July, according to the Labor Department report.
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Confronted with an economy gripped by recession and high unemployment, the Federal Reserve signaled Wednesday that it expects to keep its key short-term interest rate near zero through 2022.
At the same time, the Fed said it will keep buying about $120 billion in Treasury and mortgage bonds each month to maintain low longer-term borrowing rates in an effort to spur spending and growth.
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The Federal Reserve slashed interest rates to near zero on Sunday as part of a series of measures intended to combat the economic downturn caused by the coronavirus pandemic.
The central bank cut rates to 0% to 0.25%, the central bank announced in a statement. The Fed will also purchase $700 billion worth of Treasury and mortgage-backed securities through quantitative easing, a measure previously used during the Great Recession to get money flowing back into the markets, The Washington Post reported.
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“I am not worried about the deficit,” Ronald Reagan famously said. “It is big enough to take care of itself.”
If you pay attention to the libertarian purists, President Reagan earns mixed reviews on his economic policies. After all, in 1983, the federal budget deficit exceeded 6 percent of GDP. But Reagan was untroubled by federal budget deficits for at least two reasons, and in both cases he has been vindicated by history.
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U.S. President Donald Trump’s pick to fill a vacant seat at the Federal Reserve said on Sunday a smear campaign was being waged against him, after past writings and comments about women sparked renewed criticism by Democratic lawmakers. Stephen Moore, during an interview on ABC’s This Week, said there were a handful of reporters dedicated to digging up negative information on his personal life and past statements. Said Moore: And by the way, George, let me back up for a minute because probably this is the first time you’ve ever had a Federal Reserve board nominee on your show over all the years. And, you know, the president asked it me to do this. It’s been a little over a month. And just so people understand the history here. For the first week a lot of economists on the left and people in the media started attacking some of my economic ideas and that got them nowhere. I stand by, you know, what I’ve said and my credentials on the economy. And The Washington Post ran a piece, you know, several weeks ago saying you know, we can’t beat Steve Moore on his economic ideas, he has the votes…
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by CHQ Staff President Trump’s pro-growth economic policies have put America back to work, and for over a year drove the stock market to new highs, boosting the personal wealth of millions of middle income Americans, then came the Federal Reserve’s inexplicable decision to raise interest rates again. Since the Fed began talking up regular interest rate hikes, the stampede by investors erased about $5 trillion in value from global stock and bond markets in October alone. Overall, the loss is estimated by some to be as much as $8 trillion. According to CNBC’s post at Thursday’s market close: The Dow Jones Industrial Average fell 440 points, bringing its two-day declines to more than 700 points and its 5-day losses to more than 1,700 points. The S&P 500 fell 1.5 percent as technology stocks underperformed. The Nasdaq Composite also fell 1.5 percent, into bear market territory amid big losses in Amazon and Apple. Companies in the S&P 500 have lost a total of $2.39 trillion in market cap this month. The Cboe Volatility Index — one of the market’s best gauges of marketplace fear — rose above 30. As our friends at NewsMax noted, it’s exceedingly rare the Federal…
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by Robert Romano The Federal Reserve has dumped an eye-popping $343 billion of U.S. treasuries and mortgage-backed securities since it began its policy normalization program in Sept. 2017. $116 billion of that, or more than a third, has been since Sept. 2018 as the nation’s central bank has begun to accelerate its program. At the same time, the Fed has been hiking the effective federal funds rate, increasing the costs of borrowing by financial institutions. Now, the effective rate stands at 2.2 percent. The pertinent question might be what took it so long? After keeping rates near-zero for the entire Obama administration, and holding onto its dragon’s horde of treasuries and other securities for almost a decade, suddenly the Fed has finally begun unwinding its portfolio—long after economic conditions had settled down after the financial crisis. The high-water mark was reached at the end of 2014, when its holdings were as high as almost $4.3 trillion. It had been a massive $3.5 trillion expansion of its balance sheet going back to Aug. 2007 when the crisis began. Arguably, the Fed has waited until nearly the end of the business cycle to begin unwinding — that is the period…
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President Donald Trump is expected to announce his choice to lead the Federal Reserve on Thursday, a US official said Monday. Trump said last week he had “somebody very specific in mind. I think everybody will be very impressed.” He has not publicly ruled out re-nominating current Fed Chair Janet Yellen to a second four-year…
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