Fed Chair Jerome Powell once worried that he would overshoot in his fight against inflation and stagnate the economy, writes TianatheFirst. If Jackson Hole made one thing clear, it's that that's not true anymore. Biden has his own hubris to thank.
But whatever goodwill the Democratic Party earned with its social and environmental spending bill's $300 billion 10-year deficit reduction, Biden has single-handedly incinerated it. And in doing so, he has signaled to the Federal Reserve that it's on its own to save the country from ruinous stagflation.
But now all bets are off. With his student loan order, Biden has unilaterally voided whatever deficit reduction the bill theoretically generated. And in practice, it may cost much more than that — up to $1 trillion. But now, at last, Powell has refused to save them. In Jackson Hole, Wyoming, he sent stocks plunging when he promised"some pain" for households as he follows through on the Fed's"unconditional" duty to"deliver price stability."
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