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FRBとはアメリカの中央銀行です。連邦準備制度理事会(Federal Reserve Board)あるいは連邦準備銀行(Federal Reserve Banks)をさします。FRBは定期的に連邦公開市場委員会(FOMC)を開催し、金融政策を決定します。





理由1. デフレのリスクが急に高まった


理由2. 実質賃金が上がらない


理由3. 輸出企業の不調による保護主義への転換


理由4. デジタル経済が生活レベルを下げている


So reason number one for their tempering: the risks tilted suddenly toward deflation.

Reason number two? The lack of actual wage growth. I think the Fed sensed that somehow, as employment got stronger, there had to be a boost in wages. But the data say otherwise. If you strip out mandated minimum wage gains, wages have fallen, not gone higher. That's a fact that the ideologues -- so many of whom have microphones -- have lost touch with, because they are so darned rich they don't even know the real world any more. (Believe me; I might not know either, if I didn't have involvement in actual small businesses).

Reason number three? Our export companies are doing so terribly while there is no wage growth, that that the national narrative seems to have changed: the foreign countries want to take our jobs away and they are succeeding, so let's throw the bums out and get protectionist. That's what this election has become about. I was amazed at how little people paid attention to the political dynamic out there when they discussed the Fed's no easy stance. To me, it is front and center.

Finally, I think that this holiday season was all about the digital economy. It became really clear that the digital economy, coupled with the new nightmare of globalization, is producing a lower standard of living, further compromised by both higher health care costs mandated for all but the indigent by the federal government, and a relentless spiral in rents from a critical housing shortage.

These all became too much to bear for the Fed. It didn't want to be the reason why we went into recession, just to please a handful of hawks who will never change their minds anyway. In other words, I think the Fed woke up to reality, and we are all the better for it.

Cramer: 4 Reasons Why the Fed Woke Up to Reality



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