Here is me acquiescing that I am the least knowledgeable person in the room.  I’ve spent the last 30 minutes listening to media pundits criticizing the Fed’s decision today to keep their interest rates steady and that they plan on hiking twice more later this year.

Jerome Powell clearly stated that the effects of the 5.0% rate hikes orchestrated over the last 14 months have not yet been felt by the greater economy and a pause seems prudent.  Though they leave the door open to further increases as necessary later this year, the Fed sees their rate dropping from 5.6% in 2023 to 2.6% in 2024 and 2.2% in 2025.

While I am not happy with high lending rates, I’ve seen enough really amazing paraglider landings get pulled off at the last second when I thought they were coming in way too hot to acknowledge that the plan for a soft landing that the FOMC is proposing is completely plausible.