Fed: When in doubt, cut rates (third edition)

Barring a surprise, the Fed will cut its policy rates for the third time in a row next week. The total 75bp rate cut is similar to the adjustment observed in 1995 and 1998, two episodes that the Fed has sometimes used as an example. Should the Fed conclude that it has done enough? That Jerome Powell might suggest as much is possible. To say so would be risky, as we are not yet sure that the growth rate and business climate have really hit their low point. The recent turmoil in th...