Powell’s Needless Fed Boost for Kamala Harris Will Spike Inflation
Incompetence Meets Electoral Politics
Powell’s Needless Fed Boost for Kamala Harris Will Spike Inflation
With a whopping 50 basis point rate cut less than 50 days until the 2024 presidential election, Jerome Powell has solidified his reputation as the most political and incompetent Federal Reserve Chairman since the 1970s era of stagflation and Fed Chair Arthur Burns. Here, Powell’s Kamala Harris-friendly bigger than anticipated cut may well give the stock market a boost in the home stretch to election day. Yet, it will also reignite a virulent inflation and do great harm to American consumers, workers, and the U.S. economy.
The parallels between Arthur Burns and Jerome Powell offer a cautionary tale for any voter who might be swayed by the reckless dose of monetary stimulus that Powell has just needlessly inflicted.
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