I hear your philosophical stand on the Fed, but the fact is they set short term rates. Mid and long term rates are determined by the market.
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It’s not just philosophical. The actions the Fed takes in order to meet their rate target not only manipulates the bond market, it manipulates the mortgage market, it manipulates the consumer credit market, it manipulates the stock market, and it manipulates the economy as a whole.
It’s real, not philosophical or theory.
And that’s why it’s finally good to have a president who opposes what they are doing.
Your stand on the Fed is philosophical. And I get it. But you are attributing powers to them that they do not have. A rise in short term interest rates does not, by itself, directly affect mortgages or car loan rates. Businesses look to the 10 year T bond rate for direction as to where their rates should be. Once again, that 10 year rate is fixed by the market.
Please refer to the silliness from those thinking an inverted yield curve will automatically cause a market crash.