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Destination Unknown
The Fed's on a road to somewhere, they just don't know where.
That was one takeaway from the November FOMC minutes, released late Tuesday into what, had the US election turned out differently, would've been a pre-holiday lull, but instead was a headline-heavy session defined by tariff threats and, naturally, allegations of influence peddling.
Generally speaking, Fed officials agree it's appropriate to lower rates such that policy settings converge downward to neutral. The problem's the same as
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The story above makes sense except for the fragility in the system and the bifurcated nature of the economy. Large corporates, and hnw consumers are insulated. Many other economic actors are not.