FOX Business host Larry Kudlow says Fed Chair Jay Powell is 'right to stay cautious' after announcing interest rates will stay the same on 'Kudlow.'
Here we go again. It's the most important one-man show on Broadway. It opens, and then re-opens six or seven times a year, and the star of the show — Fed Chair Jay Powell plays himself. The great thing about these Powell performances is they're like warshock tests. You can read anything into them you want. Wall Street spends untold sums hiring analysts who try to interpret Mr. Powell. Investors are undoubtedly baffled by all of this.
The actual inflation reports in the last three months have shown higher, not lower, inflation trends. So, Mr. Powell is right to stay cautious and not embark on some wild monetary pump-priming, and interest rate-cutting eruption. By the way, in a recent report, former Treasury Secretary Larry Summers has reconstructed the old CPI from the '70s and '80s that included personal borrowing costs, such as mortgage, auto and credit card loans.
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