Dramatic shift comes after more than two years of high rates helped tame inflation but that also made borrowing painfully expensive for American consumers
They’re not obscenely high, they’re obscenely high for our lifetimes, I grew up in the 80s and these are adorable.
But I actually agree with you, our economy has a lot of really f-d up things because we lived on free money so long, we needed to wean slower because otherwise really, REALLY bad things were going to happen (SVB was the tip of the iceberg).
Honestly I think the rate should’ve dropped by 2 or 3 whole percentage points (so like 200 or 300 basis).
The current rates are OBSCENELY HIGH and have not halted inflation even if they have attenuated it to some extent.
The Fed likely knew this damage would occur from this kind of tampering and only now are they acting to curb it.
They’re not obscenely high, they’re obscenely high for our lifetimes, I grew up in the 80s and these are adorable.
But I actually agree with you, our economy has a lot of really f-d up things because we lived on free money so long, we needed to wean slower because otherwise really, REALLY bad things were going to happen (SVB was the tip of the iceberg).