Read more on this subject: Economy – Recession-Depression
News Story Source: https://www.zerohedge.com by MN Gordon
On Thursday, the yield on the 10 year Treasury note topped 1.55 percent. Subsequently, the Dow Jones Industrial Average, after hitting an all-time high on Wednesday, dropped 559 points. Wall Street must not be listening to Federal Reserve Chairman Jerome Powell.
Earlier in the week, Powell, in testimony to the Senate Banking Committee, confirmed that the central bank would keep the federal funds rate near zero until maximum employment is achieved. In addition, the Fed, in its recently released semiannual Monetary Policy Report, confirmed it would continue to create credit from thin air to buy $80 billion per month of Treasuries and $40 billion per month of mortgage backed securities (MBS).
What's more, the Report specified the Fed's purchases of Treasuries and MBS "…will continue at least at this pace until substantial further progress has been made toward its maximum employment and price stability goals." The o
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