Low rates benefit investors at the expense of savers, retirees and pensioners without paychecks needing income especially harmed. At near zero percent for nearly seven years, virtually none is forthcoming for most people.
Weeks of debate over whether a long overdue rate hike was forthcoming ended Friday when the Fed again left rates unchanged – the usual boilerplate given as reasons, “reaffirm(ing) its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate.”
All Federal Open Market Committee (FOMC) members agreed except Jeffrey Lacker – urging a 25 basis point increase. Greenspan/Bernanke/Yellen monetary policy has been a bonanza for Wall Street at the expense of Main Street.
Ron Paul is a longtime Fed critic. Before retiring from Congress, he introduced Federal Reserve Act abolition legislation four times – with no co-sponsors.
Ahead of Friday’s decision…
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