The Fed’s Latest (Sort of) ‘Mission Accomplished’

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BY ANDREW STUTTAFORD

November 04 2025

The Fed's Latest (Sort of) 'Mission Accomplished'

A few days have passed since the Fed announced that it was cutting rates by 25 basis points (0.25 percent), but the argument for that cut does not look any better than when it was announced. As I wrote at the time:

[D]ivisions within the central bank (one vote for a bigger cut, and one for no cut at all) and more hawkish comments than expected from Fed Chairman Powell only reinforced the case (at least for me) that there should not have been a cut. To be sure, there are some signs of a weakening labor market — the core of the argument for a cut — but there's nothing to suggest that 2 percent inflation, the Fed's supposed target, is anywhere in sight.

Indeed not, and the exuberance in certain asset classes only reinforces that argument.

The Wall Street Journal (October 24) ...

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