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It Ain't Over Till It's Over
As widely expected, the FOMC made a 25 bps cut to the target range for the federal funds rate to 3.50-3.75% from 3.75-4.00%. As we suggested, there were dissents in opposite directions: Chicago Fed president Austan Goolsbee and Kansas City Fed president Jeffrey Schmid did not want to cut and Trump’s quartermaster Stephen Miran wanted to cut by 50 bps. Note that Schmid and Miran made the same dissents at the previous meeting in October. The dot plot actually showed that 6 participants disagreed with today’s cut, but not all participants are voters and not everybody who disagrees takes the step to dissent. So it ... (full story)
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