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IPFS News Link • Federal Reserve

Peter Schiff: "Either [Powell] Is Lying, Or He's A Complete Idiot"

• https://www.zerohedge.com, Tyler Durden

Peter Schiff broke it all down on his most recent podcast, saying this is the first interest rate cut on the short road to zero.

During his press conference after the FOMC meeting, Fed Chairman Jerome Power tried to straddle the fence. In the process, he ended up mixing his messages.

Powell called the 25 basis point cut a "mid-cycle adjustment." When asked about future cuts, the Fed chair left that door propped open, saying "As the committee contemplates the future path of the target range for the federal funds rate, it will continue to monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion."

About midway through the Q&A session, Powell said the Fed wasn't embarking on a long rate-cutting cycle like it would during a recession. But then he backtracked and sounded a little more dovish later on.

Let me be clear: what I said was it's not the beginning of a long series of rate cuts. I didn't say it's just one or anything like that. When you think about rate-cutting cycles, they go on for a long time and the committee's not seeing that."


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