"Historically, central banks have needed to slash official rates as much as 4-5 percent in order to offset the effects of a financial crisis or an economic slowdown. That’s why former U.S. Federal Reserve Chair Janet Yellen talked about the need to raise rates in good times — to provide room to cut when necessary. Yet, even after recent U.S. interest rate hikes, the Fed has nowhere near enough room to cut rates that much without going negative."
Um yeah. The Fed hiked the rates and thus crashed the economy. Some are speculating that they crashed it on purpose, to make Trump look bad or to punish him for taking a stand against 1-sided tariffs that have been hurting the USA for decades.
It is interesting to think about the Fed having such tremendous and unaccountable power. This is deeply troubling. It's a bit like the Supreme Court, powerful yet unelected, except that it isn't a constitutionally defined branch of our government.