The Fed's Main Goal in Life Is Buying Political Immunity

American banks are now sitting on at least $620 billion of unrealized hidden losses. So what's next? The Fed meets in two days, they're expected to hike rates again to 5%. Then the market expects them to stay in chill for a while, and then start cutting rates in November - coming to just 3% in time for the 2024 election. Why flip-flop so fast from hikes to rate cuts? One theory is inflation falls rapidly, another is the economy gets so bad that the Fed gives up against inflation, and just panic cuts. Yet a third predicted over a year ago by the incomparable Mark Faber is that the Fed's main goal in life is buying political