The Fed was wrong to raise the rates. Everyone says so.
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While there are tangential causes, the POWELL PLUNGE is mainly due to overtightening by the Fed. This is the economic equivalent to overmedicating a patient.
If the Fed actually overtightened, it was purely by chance. They actually want enough looseness to keep a core inflation rate of about 2% (slow devaluation of our money, punishing savers and people who declare their capital gains on their taxes).