For the life of me, I am unable to find a single justification for the Trump administration’s war on science, on rationality, and their refusal to accept the continuing need to expand opportunity to educate, train, and expand our pool of doctors and nurses and medical researchers.
My concern is that the Fed will begin to gain comfort in the functioning of short-term interest rates, then decide to reduce the balance sheet just before a shock coincides with less liquidity and super-high stock valuations.
If they do cut rates this afternoon, I’m growing convinced that the Fed will be one-and-done, and there will be an extended pause before we see any new action.
