patrick.net

The Fed was deliberately holding back the economy. If it wasn't for the Fed, Trump's economy would have been even better with even more jobs and even higher wages.

Federal Reserve Chairman Jerome Powell admitted last week at the “virtual” Jackson Hole symposium that the Fed has undershot its 2% annual inflation target consistently for the last several years.

The Fed is tacitly admitting that its deflationary monetary policy has restrained growth and held down wages.

Now the Fed is promising to aim higher in order to get more dollar liquidity into the economy.

Powell’s 3,000-word address could have been summarized in just one sentence: “President Trump was right; we were wrong.”

Powell has been exalted of late as a sage and some have even suggested that he should be Time Magazine’s Man of the Year.

But for the last several years Trump is the one who has sounded the alarm that the Fed has been too tight, as evidenced by falling commodity prices and long term interest rates (market rates) signaling that expected inflation rates are at half the Fed’s target.

Looks like inflation has averaged between 2% to 3% since 1995.

https://tradingeconomics.com/united-states/inflation-cpi

Trump said the Fed had interest rates too high. Now they admit Trump was right. I'm sure we will hear apologies from Yellen, Bernanke, and the former ECB chiefs about their yelping about Central Bank independence when it has now been confirmed they were wrong. The financial press will fall on their swords about being so wrong in their millions of pages of filth vilifying Trump on this matter. I'm sure that all the economists at the Fed will be fired for costing America tons of jobs and forcing Americans to have a reduced standard of living.

You just know that Trump will be proven right about hydroxychloroquine, as well.