Jerome Puntel, that is.
Market no likey either; clearly Walled-up-yours Street wanted some indication of rate cuts.
Answer: Civilization was nice.....
Seriously folks, they're not coming. Get over it. Rates today are at a level commensurate with a 2% inflation rate but actual inflation is, even as measured deliberately inaccurately by the government, at over double that in core.
Never mind compounding which nobody likes to talk about, but you must. Compounding is a monster and if you don't de-fang it, as I noted in the Ticker the other day, you get screwed because it runs away from you.
Compounding is otherwise known as an exponential function. Great when its in your favor (e.g. the size of your bank balance.) Ruinous, when its not (as in the size of your insurance, property tax, groceries or other payments.)
At the core of the issue is the Federal Deficit, which none of the clown-car brigade will honestly take on. They talk about the "budget" but in fact its less than a third of total spend; the rest is claimed to be "mandatory" but it isn't. That Congress voted to make it not subject to annual votes doesn't mean it cannot be put back where it belongs -- and where it has to be authorized every year. It can be.
But of course it won't be and even if you zeroed all 12 Appropriations bills you wouldn't have a balanced budget.
A number of years ago you would -- but not today.
Congress did this, on purpose.
Congress can undo it, on purpose, but of course if they do they'll hear people screaming and ..... they might get fired.
Then again being fired is now pretty-much a certainty, on the path we're on.
The question is in what way will they be fired? The type of firing you lose your job or in ways that are a lot less-friendly than the two allegedly "famous" words that Trump seemed to forget how to use once he was President?
This much is certain: What cannot continue forever will stop, and you either choose to stop it or the method of it stopping is chosen for you.