Fed holds rates steady, nods to possible September cut

[progree]

9. Last December they did talk about rate cuts by now, but then January, Feb, and March happened

Here's what the CPI (consumer price index) looked like in mid April when the March data was published:





Everything then was at more than double the Fed's public decades-long-held 2% goal.

Back in 2021 and 2022 when inflation was growing, reaching 9% on a year-over-year basis and double digits on a 3 month average, just about everyone who posted about inflation here was blaming the Fed for being a bunch of dumb fucks for waiting too long to begin doing something about inflation, and being ding dongs for thinking it was transitory (or for deliberately trying to ruin President Biden's economic record by letting inflation roar). And how awful inflation is, e.g. food prices are 50% higher every time I go to the grocery store etc.

Now just about everyone has been blaming the Fed for months for not abandoning their 2% goal and for not easing sooner.

Headline CPI and Fed Rate Action

November 2019 - June 2024

The first tentative little quarter point rate increase was March 17, 2022, 12 months after year-over-year inflation went north of 2% in March 2021, and had reached 8.5%.

Data sources are at: https://www.democraticunderground.com/?com=view_post&forum=1014&pid=3279441