Kudos to Fed board members Stephen Miran and Chris Waller for dissenting at today’s Open Market Committee meeting. In favor of lowering the Fed funds by one quarter of a percentage point. The economy is in a disinflationary supply-side boom. Growth is strong, but inflation pressures are actually easing.Some quick numbers: over the past three months, the core personal consumption expenditures price index has increased only 2.3 percent annually, and has been coming down. The three-month core consumer price index has fallen to 1.6 percent. Even the top line CPI is only 2.1 percent. Unit labor cos...

6 days ago

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