Pento: “Of course the Fed lowered the amount of monthly purchases to $25 billion mortgage-backed securities and $30 billion Treasuries, for a total of $55 each month. This was already in the cards and didn’t surprise anybody….
“The Fed also eliminated the 6.5% unemployment threshold, where they said they would raise interest rates. So there is no longer any numerical threshold, and the reason for this, Eric, is the Fed cannot raise interest rates.
The condition of the U.S. economy and indeed the whole world is so anemic that even after 5+ years of massive Federal Reserve manipulation of money supply and interest rates, that the Fed cannot raise short-term interest rates. In other words, they will keep making excuses and moving the goal posts as to why they can never raise interest rates.
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