Ben chabot(@chabot_ben):Is this 4-deminsional chess?... Trump says cut rates --> fed raises rates instead--> enhances market belief in Fed independence --> bond market is relieved and lowers term premium and inflation expectations --> and Fed requires fewer rate hikes than they would otherwise need and financial conditions ease Or Blind rage at an independent agency? it's a Rorschach Test!

Ben chabot

@chabot_ben

Professor at Northwestern University. Teach finance at UC-Booth. Former Economist and Senior Policy Advisor at Federal Reserve and Professor at UMich and Yale.

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Ben chabot@chabot_ben

2026.08.31 21:16

Is this 4-deminsional chess?... Trump says cut rates --> fed raises rates instead--> enhances market belief in Fed independence --> bond market is relieved and lowers term premium and inflation expectations --> and Fed requires fewer rate hikes than they would otherwise need and financial conditions ease Or Blind rage at an independent agency? it's a Rorschach Test!