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John W. DiamondThe Conversation |
He calls 2% inflation a "firm, fixed target," but a 10-year Treasury yield above 5% is pushing mortgage rates toward 7% and raising borrowing costs.
The Federal Reserve’s rate hike comes as the US economy is increasingly moving at two very different speeds.
Unless Congress acts, 1 in 5 Americans who receive Social Security could see an across-the-board benefit cut of roughly 22% starting in 2032.
Uncertainty, a stumbling labor market and major structural problems are all weighing down the economy. And Fed rate cuts may not help much.
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