Zero self-awareness.
Zero self-awareness.
And why did the Congress do that to the Fed?
So the Congress could evade responsibility for high unemployment as well as for high inflation, that's why.
A bunch of cowards six ways to Sunday they are.
Besides, core personal consumption expenditures is the Fed's key metric, as everyone knows, and that is an inflation metric, not an employment metric.
And The Humphrey-Hawkins Full Employment Act specifically recognizes that reducing inflation is the Fed's main job, actually mandating ZERO inflation, not 2% inflation as widely misinterpreted.
Meanwhile there is another report of employment besides the total non-farm payrolls report which the Fed can consult, and it shows employment continues near all-time highs in July.
No change to DFF was the appropriate response of the Fed to persistent core inflation way above 2%.
Backlash against the government’s harsh approach is fueling widespread disgust of China‘s leadership, including Mr. Xi
who has boasted of taking direct control of anti-pandemic measures. An
estimated 330 million Chinese are currently in health-related lockdowns
in some 45 cities since March, even as restrictions on gatherings and
travel in other developed countries are being lifted. ...
The party media organ People’s Daily on May 8 also failed to run one of the usual glowing photos of Mr. Xi on its front page. Instead, only Mr. Li, the premier, and another party leader were mentioned.
Bill Gertz, here.