Bond rates eased and the US dollar slid against its major trading partners’ currencies.The nature of the Fed’s announcements – a majority of the members of its Open Market Committee expect no rate increases this year and the Fed plans to end the shrinking of its balance sheet by the start of October – ought to have been positive for the stock market. Instead the Dow Jones index ended more than half a percentage point down.
Fed officials now expect growth of only 2.1 per cent this year and 1.9 per cent in 2020, with chairman Jerome Powell saying the rate of growth had slowed more than anticipated from the strong growth experienced last year. That provides quite a contrast with the Trump administration’s forecasts of GDP growth of 3.2 per cent this year and 3.1 per cent in 2020.
With Trump saying the US tariffs on China’s exports will remain in place "for a substantial period of time" until China shows it is complying with the terms of the trade deal now being negotiated, the likelihood an early end to the damage being down to the world’s two largest economies is receding. In the post-crisis period, via three bouts of "quantitative easing" - the buying of Treasury bonds and mortgages by the central bank - the Fed’s balance sheet was swollen from $US900 billion to $US4.5 trillion as it printed money and injected liquidity into the US financial system.AP
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The sudden shift that should have all of us worried about the global economyDonald Trump, and the rest of the world, ought to be concerned about the message the Fed has just sent. We need to be worried about how those of us of European descent are being replaced. What will our country look like in 50 years, what will our culture be like? Less European more chinese/indian/Muslim. Will they be defending impartial rule of law and free and fair elections?
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