FOMC Minutes - 2023-07-04

You’ve heard of the two-handed economist? Based on these minutes, we’ve got a 17-handed economist running things. Everyone said every possible thing about every possible side of every possible issue. No wonder they did nothing. But we need an 18th hand, apparently. In almost 7 thousand words, not one – not one – mentioned the first-ever year-on-year decline in the money supply. So they talked about everything that doesn’t matter, and neglected the one thing that does.