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WASHINGTON, DC – JULY 24: U.S. President Donald Trump and Federal Reserve Chair Jerome Powell tour the Federal Reserve’s $2.5 billion headquarters renovation project on July 24, 2025 in Washington, DC. The Trump administration has been critical of the cost of the renovation and Federal Reserve Chairman Jerome Powell. (Photo by Chip Somodevilla/Getty Images) Getty Images The Fed isn’t important. How could it be in consideration of the globalization of all production? Despite this, the same Congress that created the Fed routinely blames it and its interest rate fiddling for slow economic times. Presidents do the same, and then economists who attain livelihood from the notion that what they do matters (the Fed employs more economists than any other entity in the world) add to the comical thinking that says what the Fed does with rates and so called “money supply” has an economic impact. No, the Fed doesn’t count. It’s just not relevant to what’s happening in the real economy, and it never was. If you’re doubtful about any of this, consider recent reporting from the Washington Post’s Aaron Gregg. Gregg cited data from Moody’s Analytics that indicates “Technology companies issued a record $108.7 billion in corporate bonds in the last three months of 2025.” If you’re reading this opinion piece, you know what this is about: as the transformative potential of artificial intelligence (AI) has become more apparent, along with the data centers that will give AI life, technology giants have raised enormous amounts of debt from lenders eager to finance what could be so growth enhancing. Please remember this with past, present and future Fed commentary in mind. While economists, pundits and politicians place enormous amounts of stress on what the Fed will or will not do with interest rates, the real economy moves to an entirely…

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Filed under: News - @ March 1, 2026 3:24 pm