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WASHINGTON, DC – SEPTEMBER 18: Federal Reserve Chairman Jerome Powell speaks during a news … [+] conference following the September meeting of the Federal Open Market Committee at the William McChesney Martin Jr. Federal Reserve Board Building on September 18, 2024 in Washington, DC. The Federal Reserve announced today that they will cut the central bank’s benchmark interest rate by 50 basis points to a new range of 4.75%-5%. (Photo by Anna Moneymaker/Getty Images)Getty ImagesThe economic consensus of the moment is that higher prices are the same as inflation, and the Fed is the only governmental entity situated to bring down higher prices. It’s a dangerous consensus. Prices are how a market economy organizes itself.
Forget for now that the Fed is not remotely capable of bending the markets to its will, and instead let’s think about what kind of tangle we’re getting ourselves into if we say inflation is higher market prices, or a higher basket of prices of the government’s choosing, only to tell the Fed to bring “inflation” down. It’s tanta …
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