Fed policy: Looking in the wrong end of the telescope ...Middle East

The Federal Reserve has raised interest rates five times this year, essentially doubling them. Its rationale is that higher rates will curb inflation by reducing demand, especially in interest-sensitive sectors like housing and car purchases. The newly elected Republican House majority will try to reduce demand further by pressing fiercely to “cut spending.” A recession brought on by these policies will serve the Republican’s political purposes, and they know it.  The Fed and the economists and pundits favoring these policies, if we take their economic rationale at face value, are looking through the wrong end of the telescope. The causes of today’s inflation are not government and pri

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