It really doesn’t get any worse than Powell’s horrid Jackson Hole speech last Friday. The only word for it is meretricious because nobody could be as unmindful of what the Fed has actually been doing as was implied by Powell’s risible humbug.
So, again, here are the facts. As of June 30, 2019, the Fed’s balance sheet stood at $3.8 trillion and the US GDP clocked in at $21.29 trillion annualized for the quarter ending on that date. Fast forward two years to the present and those figures have become $8.33 trillion and $22.7 trillion, respectively.