đ„ Powellâs âHistorical Crimesâ Revealed After 5 Years đ„
The Federal Reserveâs full meeting records from September 2020 were released publicly on Friday â and they confirm what critics have long suspected. Jerome Powellâs guidance back then, now dubbed the âoriginal sin of inflation,â is being exposed as the key reason the Fed was slow to react to soaring prices.
In 2020, Powell pushed for ultra-low interest rates, vowing to hold rates near zero until full employment was reached and inflation sustainably exceeded 2% â even as several colleagues opposed him. This approach ignored early warnings and ultimately shackled Fed policy just as inflation skyrocketed, peaking at 7.2% in mid-2022. The Fed didnât start hiking rates until March 2022, missing the prime window to control runaway prices. Powell later admitted the misstep in November 2022, promising never to repeat such commitments.
The released records also reveal intense internal dissent:
2 Fed chairs opposed Powell on the spot
Several voting and non-voting officials voiced concerns
Yet Powellâs resolution prevailed, showing just how controversial these decisions were.
Markets now get a rare peek into the behind-the-scenes logic of pandemic-era policy. Crypto traders are asking:
Will this exposure change the Fedâs next moves?
In todayâs macro fog, should crypto prioritize risk aversion or strategic low-entry positions?
Powellâs historic gamble may have cost the Fed credibility â and crypto markets are watching every ripple.
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