that and they got as low as 2.75 because they realized the constraints on inflation from what? From excessive indebtedness, from what the Latte Liberals and Devils call the fifth industrial revolution technology, aging demographics, all these things, not only structural disinflationary. The Fed collectively takes their estimate of the long run equilibrium funds rate down at 2.75. What's the first thing Powell does at his first meeting last year? He not only raises the funds rate, but he actually starts to raise the neutral long-term rate and he goes in two steps and he goes to 3%. Oops. And now you saw what happened today that was very significant in my opinion was they took that rate down from 2.75 to 2.5. That's interesting. I've done my own work on where the neutral rate is. I'm not at the Fed, but I have a different call than the Fed does. I have a different call on the Fed than the Fed has on their own interest rates because I think that they've over tightened rather (39/57)
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