Huh. Inaction by the federal government. I can live with that.
While that’s profoundly true, let’s not forget that the Federal Reserve is not part of the government: anymore than ‘Fed Ex’ is. It’s a privately-owned company. My fault for using the word “Fed” loosely.
In this case the FRB is hand-in-hand with the literal Federal Government. They’ve printed trillions of dollars, diluting the buying power of all dollar-holders, punishing savers and hollowing out the middle-class.
If the FRB were to raise rates, they would be rolling back their previous distortion of the market. But instead they will continue to maintain today’s ultra low rates.