As I explain today at CFIF, I am not at all happy with the Federal Reserve’s latest moves. This artificial manipulation of interest rates is, in the long run, a horrible thing.
Bill Kristol and a key financial guru of his agree with me. So does the Wall Street Journal. So does David Gitlitz:
This is essentially a prescription for weaker money demand….It’s likely that all the market indicators reflecting on money demand such as foreign exchange and commodities will continue to exhibit dollar weakness….[T]here’s likely to be a heavy price to be paid for the Fed’s monetary malfeasance.
