CTUP’s economic ace EJ Antoni has chased down the latest Federal Reserve Bank data showing that much of the Fed tightening of the last year to combat inflation has been undone by Fed Chair Jerome Powell’s actions to rescue troubled banks.

Its actions parallel and even exceed the steps taken – such as the TARP program – during the mortgage/banking crisis in 2008. Lending from the Fed directly to banks smashed those previous records by more than 30% in the days following Silicon Valley Bank’s and Signature Bank’s failures.

We worry that this will work about as well as those interventions under George W. Bush in 2008 and the even more disastrous “stimulus” spending under Obama in 2009 and 2010.