The Fed In A Box : They Cannot Raise Interest Rates
Channel: The Survival Economist
Date: 2021-06-29

The Fed In A Box : They Cannot Raise Interest Rates

The Fed announced the reportedly hawkish news that the central bank may raise rates, not this year, not next year, but by fifty basis points sometime in 2023. This tapering would slow the Fed’s buying of $120 billion of debt securities a month with money created from the ether to some lesser amount. 

People forget the central bank kept its benchmark rate on hold for a 10th straight meeting after sweeping into emergency action amid the coronavirus pandemic in March of last year with a full percentage-point cut. Yet again emergency government action has become permanent. 

This news sent the dollar screaming upward, with the DXY jumping from 90.54 to 92.32 at week’s end. The price of gold was, of course, bludgeoned. The yellow metal dropped 6.5 percent over the next five days. The ten-year Treasury bond finished the week at a paltry 1.44 percent. Meanwhile, financial basket case Greece saw its ten-year rate finish at seventy-nine basis points.

👉 For the full transcript go to https://financearmageddon.blogspot.com
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