The Fed Lowered Interest Rates Too Soon

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heritage.org

Parker Sheppard
Inflation remains stubbornly above the Federal Reserve’s 2 percent target. Yet, instead of maintaining a firm stance at its December 18 meeting, the Fed cut interest rates for the third time in three months. The Fed should move slowly going forward and look for stronger evidence that post-pandemic inflation has run its course before continuing with cuts.

The costs of prematurely stopping the anti-inflation campaign are clear. Inflation cuts real wages for workers and erodes the real value of savings. It distorts markets by redistributing wealth and raising uncertainty about investment in the future. Left unchecked, it could erode trust in the monetary system, just as trust in American institutions is falling.

Multiple measures track inflation. The consumer price index (CPI), the most closely watched by the public, grew 2.7 percent over the 12 months that ended in November. The Fed’s preferred measure, the Personal Consumption Expenditures Price Index, grew 2.3 percent over the 12 months ending in October.

Other measures of trend inflation are even more elevated. Core CPI, which discards volatile food and energy prices, rose 3.3 percent over the preceding year. Median CPI, which gives an indication of the trend in inflation by ignoring extreme changes, went up 3.9 percent over the previous year, and has been above CPI growth for the past two years. Similarly, the Atlanta Fed’s Sticky-Price CPI, which highlights prices that are slow to change, increased 3.8 percent over the past year.

 Politicians Use Inflation To Target American Way of Life

Rents are a major remaining driver of inflation. The pandemic led many Americans to reconsider where they live. Interestingly, more than 13 million Americans have moved from progressive states to conservative ones, according to IRS data compiled by the American Enterprise Institute. The rental market moves more slowly than other markets, so it may take a while for it to adjust fully to the Covid shock.  » Read More
https://www.heritage.org/monetary-policy/commentary/the-fed-lowered-interest-rates-too-soon

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Context
Types of Data
Primary Purpose for Collection and Use of Data
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Mobile Devices
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Order Placement
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Partner Promotion
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Surveys
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We use this information to understand your opinions and collect information relevant to our organization.
Sweepstakes or Contests
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We use this information to operate the sweepstakes. In some contexts we are also required by law to collect information about those that enter into our sweepstakes.
Website Interactions
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Web Logs
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Revisions to This Policy

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About PaperlessTimes

PaperlessTimes is really just a hobby site comprised of some of my favorite and most read conservative leaning sources.  The main idea is just aggregate RSS feeds centralized in one area so I can simply take a quick look at the latest articles and pop on over to the full article if wanted; saves a bit of time from going from site to site looking for something that might interest me.

I long ago lost any faith in what is commonly known as mainstream “news” recognizing that it’s not just how a story is framed, but also what is omitted in what passes for information these days.  There are many, many great authors and thinkers in conservative thought who have the freedom to focus not on narrative and instead on substance.

This is always a work in progress for my own use, but if you find it useful, that is awesome.  If there’s a feed you read that you would possibly like added, (always interested in expanding), have any complaints or suggestions, feel free to use the contact form .  There is a bit of marketing on this site which is more of a test run for developing stuff.  If anything catches your eye, buy away, for it does go to me.

thanks, Steve

 

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This is a hobby site, but if you find it useful and have any suggestions, complaints, new feed ideas, feel free to shoot me a line.