The Fed has to do the right thing and not worry about politics: Fmr. Minneapolis Fed president

The two-day Federal Open Market Committee (FOMC) meeting has concluded, with the Federal Reserve voting to hold interest rates steady within the 5.25% to 5.50% range. Joining Market Domination to dissect this decision is former President and CEO of the Federal Reserve Bank of Minneapolis Gary Stern. Stern asserts that there was no surprise in the Fed's announcement, highlighting that the outcome aligned with market expectations.
Stern notes that the Fed "gave itself too much credit" for the deceleration in inflation. While the central bank attributed this trend to monetary policy, Stern argues that the deceleration was linked to "the continued unwinding" of factors that had previously "disrupted" the economy, such as the lingering effects of the COVID-19 pandemic.
Addressing the path ahead, Stern suggests that the fight to bring inflation down to the 2% target will "take some time," though it can still be met. Stern acknowledges that the United States has "a big, complex, sophisticated economy," and although the Fed may express its desires, economic behavior may not change overnight to support it. He emphasizes the need for patience, stating, "The Fed shouldn't kid itself just because it'd like to get to 2% it's gonna get there smoothly," and instead start to question whether they have done enough.
When asked about the potential impact of the upcoming election on Fed officials' decision making, Stern states: "It's actually quite simple. What the Fed has to do is the right thing, whatever it may be."
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[@quandingleberry445]

why so many videos on the same topic

[@GoodDeal2013]

Wow! Does the Federal Reserve not understand the extreme high cost increases of residential home prices and rentals, and food? Does the Federal Reserve not understand the connection between high interest rates and these high cost of living?

[@RaniVeluNachar-kx4lu]

Here's a crazy thought.
I just asked, "How much money is being stored in Money Market accounts in the US?"
The computer said 6.4 Trillion dollars.
It occurs to me then that there is this reserve, and all those corporate US accounts and offshore accounts, and other Government Banks and holdings and even Russian Oligarchs offshore accounts and just a whole lot of money sitting in some data base accounting system, electronically living in the cells of massive data centers all over the world.
How much does that all total up? You know, all that Money that is not cash, or is not the "value" of some physical asset, like a cow or a crappy Boeing 737-Max jet or Russian T-64 or T-72 tanks sitting in some field somewhere, or all that stuff we have sitting in Rented Storage bins or even all that stuff we bought but now is sitting in the US Solid Waste Dumps and all those dumps all over the world.
Not that physical stuff. Not bricks of gold or silver, not miles and miles of pipes or wires or Cheetos Cheese Flavored Snacks or any other "things"
Just money.
What Crazy amount of liquid money, not paper bills and coins, just the digital accounting of Dollars and Yen and Euros and Pesos and Rials and all that stuff that "exists" in the digital space waiting to be put to use, to invested, to be spent; is all sitting out there?
It has to be potentially millions of Trillions of dollars for instance if they were converted at the current moments rate.
Millions of Trillions of dollars just sitting on some accounts all over the Globe.
Then you have Elon wanting to go to Mars. Probably wants to open the First Bank of Mars and move some of his money there too.
But I digress. The real purpose of this is this:
What could we do with all that wealth if we wanted to?
We could just about do anything except cure Humanity of it's wars and diseases. Or maybe we could even cure all the diseases and stop all war and end all hunger.
We could fix the soil and food chain problems, and rebuild hospitals and schools and housing destroyed in all the wars, the Ukraine's and Gaza's and Myanmar's and the South Sudan's and the Mexico Drug cartels' wars, and well
I think we have all the resources we need now to end poverty and human suffering and to reforest the land and repopulate the prairies and savannah's with their historical animals and human tribes and we could do so much.
We keep looking at each other and nobody has any real solutions. But we have the funds to do just about anything we want to.
So what do we do? We hoard it in accounts all over the planet. Millions of Trillions of dollars just sitting somewhere in electronic space.
What do you think?