It would be good if the Fed showed more caution and allowed the economy to grow more rapidly and the unemployment rate to fall more, to see how low the unemployment rate can go. Remember, the beneficiaries of drops in the unemployment rate are overwhelmingly Black workers, Latino workers, and other disadvantaged groups in the labor market.
The response of the Fed was entirely predictable, even if it is potentially misguided. It is also important to note that the Fed is now dominated by Trump appointees, so his complaints about rising interest rates are a bit hard to take seriously.
In short, the tax cut is turning out as most of us expected: a huge handout to people who were already very rich.
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