At its September 2024 meeting, the Federal Reserve's Federal Open Market Committee (FOMC) cut the federal funds rate by 50 basis points—a significant move historically. Their justification? The Committee claimed it had "gained greater confidence that inflation is moving sustainably toward 2 percent." In other words: Trust us. We've got this under control. Then they cut rates again in November. And again in December. Each time, they parroted the same line: Inflation was supposedly on track to hit their 2 percent target. They expected us to accept this without question. But in January, the Fed abruptly paused rate cuts and removed previous language about inflation "progress" from their official statement. Jerome Powell, the Fed's chairman, awkwardly assured the public that…
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