TRANSLATION: the economy sucks. We’ve been releasing all the propaganda we could for years in overstated weekly employment statistics, hoping - even praying - that our false narrative will be believed, and would result in employers hiring, and consumers increasing spending. We bolstered this lie with years of hinting at an interest rate hike, which would be required to contain inflationary pressures in a REAL economic growth scenario. In short, we’ve been trying to fool people into believing there is growth, where there is really none. And, like the boy that cried wolf, people don’t believe us any more.
So we’re contemplating a token rate-hike as “proof” that things are just great. Afterall, what’s one more lie piled on top of all the others?
Unfortunately, there are still a majority of Fed governors that believe that an actual rate-hike will make the economy even worse. Well we just don’t have any more ideas on how to kick-start the economy, so we’re grasping at this last straw to see if it will work. We know this Keynesian economics theory works - (Paul Krugman said it does!), we just haven’t given it enough time!