THE "NEW NORMAL''

Fed Chairman Powell finally said it! In his testimony to Congress’s Joint Economic Committee on November 13, Powell said: “I think the new normal now is low interest rates, low inflation and probably lower growth.” Since the Great Recession, establishment economists have been consistently beating the drum calling for higher interest rates, all the while rates have been falling lower or chopping sideways at lower levels than the predictions. We now have someone from the economic establishment calling lower interest rates normal…a remarkable change coming from the Fed Chairman and a reversal from consensus economic thinking over the past eleven years. Not only has the Fed made a major change

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