Opinion | How the Federal Reserve Fed the FTX Meltdown

From WSJopinion: The greatest financial fiasco so far this business cycle couldn’t have happened without the Fed, in more ways than one, writes josephsternberg

Journal Editorial Report: Paul Gigot interviews former Trump White House economist Kevin Hassett. Image: Joshua Roberts/BloombergAnother Federal Open Market Committee statement, another Jerome Powell press conference, another round of runic dot plots, another bout of hyperventilation as markets and the press attempt to make sense of new marching orders from the Federal Reserve.

In short, this week brought another bacchanalia of forward guidance from our most important economic policy makers. And spare a thought for the folks who actually pay attention to this—most especially the poor retail saps who may have lost at least $1 billion from their accounts at FTX.

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