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The Fed’s Job Isn’t Getting Any Easier
The Federal Reserve cut its benchmark interest rate Wednesday by another quarter of a percentage point, to a range of 1.75% to 2%. That much was expected — but little else is going according to plan. A spell of turbulence in the money markets is complicating matters. And the Fed is still wrestling with heightened uncertainty, a lot of it needlessly inflicted on the central bank, and on the economy as a whole, by a reckless and incompetent administration. Just before Fed Chairman Jerome Powell made his policy announcement, a sudden shortage of liquidity sent the effective fed funds rate above its target range. The ... (full story)