The Federal Reserve cut interest rates. It didn’t loosen monetary policy.

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Barron’s/Matthew C. Klein/9-18-2019

“At first blush, this looks like a situation where the Fed has loosened policy. It is not. Instead, it is simply the next step in the ‘midcycle adjustment’ of monetary policy that began at the start of the year, as Fed Chairman Jerome Powell has put it.”

USAGOLD note:  This article lends credence to Trump’s criticism of the Fed.

Source: USA gold