It backfired on Powell, though.
Yields climbed in response. 10Y went from 3.63 on Sep 16 to 4.37 by Nov 1. And core PCE inflation shot back up.
It's proof yet again that the Fed has next to no control over interest rates. It's one of the great myths of our time that it does, a myth Vance believes.
If Powell had cut and Kamala won, irrespective of what rates or inflation did, Vance might have an argument. He should quit complaining and take the win.
Meanwhile core PCE inflation was 2.66 in Sep 2024, same as it was in Mar 2025.
You'd think twice about trying that again, too, if you got burned like that, especially if you're being hectored by the tag-team wrestlers of the Oval Orifice.
