Peter Schiff: Whatever the Fed Is Going to Do Will Stink to High Heaven The Federal Reserve did exactly what the markets expected on Wednesday, cutting interest rates by another 25 basis points.
The central bank sent out mixed signals about what will happen next. Markets widely construed the Fed’s messaging as somewhat hawkish. In its policy statement, the Fed said the US economy is growing at a “moderate” rate and the labor market “remains strong. It cut rates, “in light of the implications of global developments for the economic outlook as well as muted inflation pressures.”
In his podcast, Peter Schiff reiterated this was just another step toward zero and said whatever the Fed wants to call its mechanizations, they’re going to stink to high heaven.
Fed Chair Jerome Powell was specifically asked about negative rates during his press conference. He said the Fed wasn’t really thinking about that, but Peter said, “Of course, we’ll see what happens when we get to zero and problems aren’t solved.”
The rate cut vote was 7-3. Two members of the FOMC didn’t want any cuts and Jim Bullard wanted a 0.5% cut.
As Peter pointed out, the Fed met market expectations, as it usually does.
It’s too afraid of provoking an adverse reaction. If they don’t cut enough, the markets could sell off. Or maybe if they cut too much, the markets could be thinking, ‘Oh my God, what are they worried about, why are they panicking?’ So, the Fed always wants to play it safe and it pretty much does what the markets expect, what the markets want. And that’s exactly what we got.”
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