The federal reserve began raising rates in 2019 as it saw inflation incoming; a pandemic threw it for a loop, and when November 2021 came it decided to get back on track (as opposed to earlier to potentially less extremes).
It's also below the norm through 50 years of administrations prior to 2001 (lowered by a recession), still about half the norm from the 80s.
Which federal reserve was that?
IIRC, federal reserve started raising interest rates in February 2017 after Trump was sworn in. Then panic rate drops starting March 2020. Then raised rates around March 2022, just after Zelensky speech about acquiring nuclear weapons, and Harris comment supporting Ukraine joining NATO, and Russia then going in to Donbas.
This never happened, Zelensky did not make a speech about acquiring nuclear weapons he made a speech about how they willing gave up nuclear weapons and were meant to be given protection in exchange.
https://kyivindependent.com/zelenskys-full-speech-at-munich-...
"... Ukraine will have every right to believe that the Budapest Memorandum is not working and all the package decisions of 1994 are in doubt."
Ukraine still refuses to apologize to Poland for massacres in WW 2.
https://www.euractiv.com/section/enlargement/news/poland-vot...
No part of the agreement was to provide a buffer state it was merely signed by the Russians because they where a major nuclear power at the time, it was in fact signed by _all_ major nuclear powers at the time.
> "... Ukraine will have every right to believe that the Budapest Memorandum is not working and all the package decisions of 1994 are in doubt."
Of course it's in doubt, because the Russians are not abiding by any of the points that they are bound to in it. That doesn't mean Ukraine wants nuclear weapons.
> Ukraine still refuses to apologize to Poland for massacres in WW 2.
Russia has refused to apologise for using the Geneva convention as a "todo list" too whats your point?.
The US isn’t at war so I don’t see why they would do that.
Then in 2020 the federal reserve loaded up its biggest balance sheet in history and ignored other government stimulus.
"This" is also arguably not a "bad thing" as rates are still below the mean (during which the US saw extensive growth).
Neither us political party is actively considering increasing immigration, which would reduce the "supply side" labor of the equation as we see perhaps the largest demographic shift in workers:citizens as baby boomers retire (which is exactly what Japan saw and China is starting to see) The lowest sustained unemployment rate may not have been the best kpi to target by the last 7 administrations.
The private federal reserve grooms and vets a choice which the Pres. can rubber-stamp. It gives the interest-rate-setting cartel more legitimacy in mind of typical voter/taxpayer.
But there's a reason "don't fight the FED" is a well-known adage among traders: it has the most powerful levers, so it always wins in the long run. They wanted to kill inflation, and the only way to do that was to slow the economy.
P.S. Your awkward attempt at partisan, clever humor is pretty embarrassing.
Here’s an article from November 2021 where they report that the Federal Reserve is planning to start hiking the prime rate: https://www.cnbc.com/amp/2021/11/24/federal-reserve-releases...
Article about how Vice Chair Richard Clarida was telegraphing upcoming rate hikes in August 2021: https://www.axios.com/2021/08/05/fed-vice-chair-clarida-rate...
Outside of situations like March 2020 and the GFC, The Fed generally telegraphs their moves far ahead of time to give market participants time to reposition.
The Ukraine War has almost nothing to do with US inflation. Have you even bothered to look at a chart of inflation? By your logic, inflation would have shot up from nothing as soon as the war started.
But of course, inflation was already humming right along when Russia invaded in February 2022. Maybe you don't know how to google things? I'll help, here's a link.
https://tradingeconomics.com/united-states/inflation-cpi
As you can see, the Ukraine War caused inflation to begin rising two years before Russia even invaded! Impressive investigative work, Watson!
The Ukraine War is responsible for a significant portion of US inflation. Not all, but maybe a third, at its peak.[1]
But as other posters have mentioned, the FED had been telegraphing raising interest rate hikes for months prior to the war. I would wager the acceleration of inflation accelerated their rate hikes, but hikes were coming nonetheless. Russia essentially made a difficult situation much worse.
That said, we can no more end that war than we can invade Russia and force them to withdraw. The best policy going forward is to continue to support an ally who was aggressed upon, one whom we promised to protect in case they were invaded in return for them giving up their nuclear weapons only thirty years ago.[2]
1. https://www.marketwatch.com/story/the-russian-invasion-of-uk...
Consider what USA would do if China was arming Canada or Mexico and visiting those countries encouraging attacks on USA. As an actual example, consider the panic and fear in USA when Soviet missiles appeared in Cuba.
I'm disgusted by the wasted treasure of USA meddling in eastern Europe. Spend the funds at home.
We could encourage Zelensky to abide by 2016 Minsk agreement to allow Donbas to vote on it's own future direction. Democracy good, right? Let them vote, as was agreed.
Ukraine had problems with corruption, but they were trending in the right direction, and their democracy was working. Russia, on the other hand, has a long history of murdering political dissidents and journalists, and their democracy was a sham. Ukraine was clearly ideologically aligned with western interests; Russia was clearly not.
I'm wholly in favor of inducting Ukraine into NATO once this is over and helping them rebuild. Russia can get fucked.
China is watching. We fail to honor our promise to Ukraine at Taiwan's peril. Appearing weak on our promises to allies invites World War.
Finally, $75 billion is an absolute bargain to effectively destroy one of our longest-standing enemies.
Defending Ukraine was correct morally, ethically, ideologically, and strategically. It boggles my mind that right wingers argue against it with a straight face.
You are spreading Russian propaganda. Stop doing that.
https://blogs.lse.ac.uk/politicsandpolicy/exposing-the-myth-...
Lindsey Graham and John McCain and Hunter Biden had interests there, but Ukraine is not in NATO and was set up in 1994 to not ally with either side. USA has no actual defense agreement there yet is now running a proxy war against Russia.
If that is good for USA, then let Congress debate it and declare war. Russia is not my enemy, despite the propaganda.
We had every reason to defend Ukraine, and very few to abstain from doing so. That we also got Russia's collapse for a pittance in the bargain is just icing on the cake.
You have drank the koolaid, and are likely still doing so. Stop doing that.
Why don't we encourage Russia to abide by the 1994 agreement where they gave assurances to Ukraine they would never invade and never threaten sovereignty?.
I am interested in why everyone is so keen and insistent that Ukraine abide by the 2016 Minsk agreement, but Russia is free to violate any or all agreements they have with Ukraine.
I think what Russias flagrant breaking of the multiple treaties and agreements they have with Ukraine has shown us is that Russia is not interested in abiding by international agreements when it doesn't interest them.
So my question is then, why would Minsk be any different?, the answer its not, Russia will break it the moment it benefits them, they have in fact already broken the Minsk agreements multiple times.
The only thing that will stop Russia is military force, they need to be physically stopped before they will start caring.
Merkel indicated the West 2016 Minsk agreement was never going to upheld and was to buy time to arm Ukraine. Now who would trust the West?
https://ho1.us/2022/12/ukraine-war-merkels-confession-about-...
If you don't think they should be obligated to follow there agreements then why should you expect Ukraine to follow any of theres?.
> Merkel indicated the West 2016 Minsk agreement was never going to upheld and was to buy time to arm Ukraine. Now who would trust the West? https://ho1.us/2022/12/ukraine-war-merkels-confession-about-...
If you're going to make claims like this please use credible sources. "ho1.us"?
https://www.dw.com/en/angela-merkel-opens-up-on-ukraine-puti...
https://news.yahoo.com/putin-disappointed-merkels-words-mins...
"... ex-Chancellor Angela Merkel, where she claimed that the Minsk agreements of 2014 enabled Ukraine to prepare for the war with Russia."
The 2016 Minsk agreement included Donbas vote on their own self-sovereignty. Zelensky won't allow the vote, and is restricting religious practices there.
Minsk II failed to implement because the “separatists” (ie Russian soldiers outside uniform) did not obey the ceasefire and neither did some of the Ukrainian battalions.
We all know that Minsk II was never gonna last though.
in exchange of +10T of government debt.
The question is: where are you getting your information? Because it is lying to you.
By the same logic, I can argue that "bidenomics" (printing money) started when the Federal Reserve was formed, in 1913. Or that it started when the FED closed the gold window in 1971.
Though all three of those arguments would be reductive and stupid, and I'm sure we're both above that, so let's not.
But really, reconsider your sources, because they're lying to you.
Not plausibly can you argue that either of those things (which are not synonyms) were started by Trump (one started earlier, the other later.)
Okay, then make the argument, rather than just allude to your abstract ability to do so.
Compared to what baseline and, most crticially, where is the argument that there is an alternative set of policies that would have avoided that additional debt and had outcomes that would have been better than those of Bidenomics including the additional debt?
No, I don’t expect you to back up the claim at all.
At least in the predictive, as opposed to normative, sense of “expect”.