I Prayed have prayed
Lord we pray that You would give the financial leaders in our country wisdom and discernment that comes from Your Word, and that You would guide their decisions on the economy.
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The Federal Reserve held interest rates steady Wednesday, setting up another potential clash between Chairman Jerome H. Powell and President Trump, who is pushing for a rate cut.

The central bank’s open market committee voted 9-1 to keep the benchmark interest rate in the range of 2.25% to 2.5%, where it’s been since an increase in December. St. Louis Fed President James Bullard voted to lower the rate, the first dissent since Mr. Powell became chairman in February 2018….

Mr. Trump has been urging a reduction in interest rates, saying inflation is in check and the economy would grow even faster if rates were lowered. In a statement, the Fed signaled that it’s prepared to start cutting rates if needed to protect the U.S. economy from trade disputes and other threats. Fed officials say that uncertainties “have increased” and for that reason, the central bank was prepared to “act as appropriate to sustain the expansion.”

That language echoes comments from Mr. Powell two weeks ago that triggered a huge stock market rally as investors started believing rate cuts are on the way. As expected, the Fed removed a pledge to be “patient” in changing rates….

Many analysts think the central bank will wait until September at the earliest to announce its first drop in its benchmark short-term rate since 2008 and might not cut again in 2019. A few Fed watchers foresee no rate cut at all this year, especially if the United States and China reach a tentative resolution to the trade war….

(Excerpted from The Washington Times article by Dave Boyer.)

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Alan K. Veasey
June 24, 2019

Too much money is inflationary, not too much investment and employment. Restrain the growth of M2 and M3
money supply which is in slow growth mode now.

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