by James Rickards
Daily Reckoning
The Fed kept the fed funds rate unchanged at last week’s meeting, as I predicted.
That makes 17 Fed meetings in a row going back to March 16, 2022, when I got the Fed forecast right. Events remain uncertain from here, but it’s so far, so good for my forecasting (that’s not because I have a crystal ball but because I know how to read them).
Jay Powell’s press conference following the FOMC meeting was notable for how little was said about interest rate policy and how few questions there were from the media on that topic.
The press conference wandered into various other topics including quantitative tightening (QT), a possible taper of QT, central bank digital currencies (CBDCs) and Fed transparency. Those are interesting topics, but none had anything directly to do with interest rate policy.