As with many terminal patients, the initial hope is that aggressive treatment would work and cure the patient.

But when the one-time emergency round of drugs didn’t cure the patient, additional drugs were needed and turned the patient into a hopeless junkie. After multiple injections, a sense of dread was making the rounds.

For the Federal Reserve, quantitative easing stage one (QE1) did not cure the patient, so QE2 and QE3 were required, with a little “twist” here and there thrown in. But the Fed doctors kept promising all would be well, and the addiction could be stopped and the patient returned to normal.

And so it looks promising for a while. There was that scary flare-up in 2016 when the patient regressed and the normalization had to be put on hold, but then a miracle drug came along called Tax Cut and suddenly it seemed as if the removal of drugs from the system could be accelerated.

So jubilant and optimistic were the Fed doctors that they promised further rounds of withdrawal and kept pointing to their “dot plot” of normalization for official interest rates.

Read: ‘Patient’ Fed adopts wait-and-see stance as Powell says case for higher rates ‘weakens’

Yet here we are, a mere three months later, and the Fed doctors are at a loss again. Unable and unwilling to admit to the patient the true nature of the disease, the Fed doctors once again decided to stop all withdrawal of the drugs. Worse, they indicated they may have to administer new drugs to come. The patient begged for more drugs, and the Fed doctors absolved themselves of their Hippocratic Oath and capitulated once again to the patient’s scream for another high, a scream only drowned out by the dying sigh of the Fed’s credibility, the initial casualty in this war on monetary-drug dependency.

For it is true, the Fed doctors failed to wean the patient off drugs:………..more here