We at The Sorrentino are in the “end the Fed” camp for many reasons that we won’t go into now. However, the Fed still remains a reality, a very powerful reality, that can arguably make or break presidents. It is interesting that inflation is no hotter now than during much of the Obama administration, yet the bank felt compelled to raise rates sharply now.
We should let the market set the fundamental interest rate(s) not a collection of cloistered Keynesian econometricians in the Eccles Building. We are not supposed to be a centrally planned economy.