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Monetary policy: Rules vs. discretion or a happy medium?
We have been outspoken on the need to cut interest rates sooner rather than later to prevent a recession, as we considered rates too restrictive for the slowing rate of growth of the economy at a time when inflation remained very close to the Federal Reserve’s (Fed) target of 2.0%. We still expect two rate cuts before year end, premised on our economic forecast, which has the economy slowing to a trickle and moving close to recessionary levels, which is why we argued for lower rates during the first half of the year. But inflation is going to start rearing its ugly head very soon, and, as we said over the last ... (full story)
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