Recently, the Federal Reserve delivered what everyone expected—another rate cut. At the most recent FOMC meeting, Fed Chair Jerome Powell announced a 0.25% reduction, bringing total cuts since June to 1.5%. And while his statements were wrapped in the usual Fed-speak, the takeaway couldn’t be clearer—more cuts are coming.
But that’s just one side of the coin.
As you may remember, speaking at the National Association for Business Economics conference in Philadelphia recently, Powell signaled the end of quantitative tightening (QT)—the Fed’s multi-year, pretend effort to shrink its balance sheet. Well, now we have confirmation. The Fed will…
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