Volcker Dies as Inflation Comes Back to Life

Today the Federal Reserve had its last official meeting of the year. And, as was widely expected, the Federal Reserve was unanimous in their decision not to cut interest rates. 

They didn't even consider hiking interest rates, but they decided not to cut them any further for now. So, they're on a pause. The short-term rates are now 1.5%. 

The target is 1.5% to 1.75%, and the idea is that the Fed is going to remain there for some time. Now, I don't really think it is going to be that long before they cut rates.

- Source, Peter Schiff Podcast

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What rallies the market is not the rumor of an actual trade deal but the rumors of a phony trade deal - a phase 1 deal which really isn't a deal at all. In fact, to the extent that anybody is even celebrating phase 1, what they really celebrating is that the trade war is over. 

That Donald Trump has basically surrendered without admitting that he has surrendered. In fact a lot of the talk about what the Chinese even need to get the phase 1 deal is for all of the tariffs to be removed. 

Not just cancelling the future tariffs, but to take away all the tariffs that are already there, which, of course would be a relief for the American consumer, who, contrary to Donald Trump's claim, they're the ones who pay the tax - not the Chinese.

- Source, Peter Schiff