Editor,
The Federal Reserve is in uncharted waters. Blowout fiscal spending and money creation is going into boondoggle projects and welfare programs that discourage work. This spending is baked in because government programs don’t expire. Yet Democrat politicians are intent on using non-COVID spending to essentially buy votes for permanent Democrat majorities.
The Federal Reserve is under enormous Democrat political pressure to keep interest rates low to aid government borrowing and spending. Low interest rates have forced retired people and pension funds to take much higher risks on investments in a stock market that's at all time high valuations. Meanwhile, inflation's been climbing at an 8% annualized rate in the past couple months and commodity prices are up 30% to 100% in the past year. The Democrat mantra seems to be party now and pay later when inflation and economic stagnation take hold.
Ed Kahl
Woodside
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