Economist and gold advocate Peter Schiff commented on social media platform X Wednesday following the Federal Reserve’s 50 basis point interest rate cut. “As expected, the Fed caved to the markets and cut interest rates by 50 basis points,” he wrote, elaborating:

Not only will this round of rate cuts not stop a cooling economy from entering a recession, but it will also turn up the heat on inflation, making the recession that much worse.

In a follow-up post, he cautioned: “Not only did the Fed’s 50 basis point rate cut send gold to a record high above $2,595, but it also sent the U.S. dollar sinking below 0.84 Swiss francs, a new 13-year low.” The economist stressed:

What should be even more troubling is that long-term Treasury yields rose. It’s game over for the Fed.

Prior to the Federal Reserve’s decision to cut interest rates, Schiff warned that the Fed was about to make a policy mistake that “will crush the dollar and reignite inflation.” He cautioned that the rate cut will be followed by “a return to QE, another repeat mistake that will engender more debt and send consumer prices soaring.”

Schiff further commented on Wednesday: “Analysts claiming the stock market isn’t pricing in a recession because it’s trading near record highs still don’t get it. Investors know that a recession means interest rate cuts and a return to QE, both are believed to be bullish for stocks. That’s what markets are pricing in.”

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