The Fed Thinks It's Done for the Time Being

I have serious doubts within the run up to the next presidential election that we're going to do anything about fiscal policy until much later in 2024. Nobody campaigns on tightening their belt. It doesn't help. There's a friend of mine who refers to the first iron rule of politics: My reelection matters more than anything else. You can't pass a law unless you're in office. So it's hard for me to see any significant reduction in the amount of fiscal stimulus.