But of course, what everybody has to remember is a year ago, when the Fed was hiking interest rates, the forecast from the Fed was that they were going to continue to hike rates.
They were supposed to have another 3 or 4 rate hikes in 2019. And, of course, a year ago, as the Fed was hiking rates, they were still shrinking their balance sheet and they were going to continue to shrink it. They were talking about auto-pilot.
They were going to continue to do $50 billion/month of quantitative tightening. And they said this with a straight face. And everybody believed them.
- Source, Peter Schiff
