As expected, our man of his word, Fed Chair Jerome Powell cut rates this week by 1/2%. And as expected, mortgage rates haven’t gotten any better since then–because the forward-looking mortgage market had already dropped 1/2% in the weeks leading up to the Fed.
In his speech to the world on Wednesday, Sir Powell said that inflation may briefly surge consequent to this easing of monetary policy. The Round Table that is the FOMC is taking that into consideration and is still projecting another 1/2% rate cut before the end of the year.
So the man of the man of the hour is Jay Powell. Relief is finally here and we are all saved. The End.
