The Dog That Didn’t Bark Holds a Clue to the Fed’s Path
It was a good day for central banking independence after one of the oddest FOMC meetings.
A curious incident.
Photographer: Rick Friedman/Corbis News/Getty Images
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There was no jumbo 50 basis-point cut from the Federal Reserve. More surprisingly, only one governor — new arrival Stephen Miran, who had only just gotten his feet under the desk — wanted one. Everyone else coalesced around a more moderate 25 basis-point easing.