It's not about him personally being fired....it's about him raising interest rates for no reason.
——raising interest rates for no reason.——
Au contraire mi amiga........ he had a good and seemingly valid reason
The rates were raised to slow economic growth and dampen inflation
Growth > 3% -> inflation > 2% allowable target
He plainly stated that in his address the next day
His reason was to control American business by controlling the money supply and the economy
The Fed raised the Fed Funds rate by a quarter of one percent. The Fed Funds rate is the price that it charges to commercial banks that need to borrow money overnight.
The Fed Funds rate is now 2.5%. In 1981 it was over 19%.
The Fed needs to have room to drop rates in the event of a recession. The historic sweet spot for the Fed Funds rate is 2.5% to 5%. So it’s only at the lowest point of that range after a decade of being close to zero.