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Last week, the FOMC surprised the markets with a rare inter-meeting rate cut. As the FOMC statement released on the occasion reveals, the decision to cut the Federal Funds rate by a hefty 50 basis points was unanimous. The much-lamented "zero bound" is coming closer rather quickly.
As Mish notes here, Mr. Powell stated the following in remarks to the press after the announcement:
"We do recognize a rate cut will not reduce the rate of infection, it won't fix a broken supply chain. We get that," Mr. Powell