So Jay Powell gave into the whining child and gave some milk and cookies to the markets, with a stern warning that it was a one-time thing and next time everyone would have to eat their vegetables. Boston Fed chief Eric Rosengren can hardly hide his disgust. “Ensure against downside risk from weak global growth and trade tensions”? Horsefeathers! What this sniveling economy needs is some tough love.
“With the unemployment rate near 50-year lows and inflation likely to rise toward the 2 percent target, and with financial stability concerns being somewhat elevated given near-record equity prices and corporate leverage, I do not see a clear and compelling case for additional monetary accommodation at this time,” Boston Fed leader Eric Rosengren said.
No. Now is the time to kick this economy in the fanny and tell it to pull itself up by its bootstraps like a real man. I mean, just look at the temper-tantrum thrown in the wake of the cut. Snowflakes! Why, Rosengren has never seen such a sissified monetary policy. He’s got a right mind to whip the markets into shape with some medicine balls and raw eggs in a cup.