“The [Fed] Committee will deliver price stability.”

So says our new Fed Chair, Kevin Warsh, in his first FOMC statement. Stocks didn’t react favorably. They lusted for Fed rate cuts. But it’s precisely the Fed’s job to deliver price stability, and in the short and long term a stable dollar will be a huge positive for the economy and financial markets. Why the stock and bond markets don’t always get this is one of life’s great mysteries.

President Trump wanted rate cuts too, but with inflation temporarily running at 4.2%, that wasn’t in the cards. So much for the the Left’s accusation that Warsh would do Trump’s bidding.