Last week Mike Johnson, the speaker of the House, said something stupid. OK, that has been true every week of Johnson's tenure. But this particular remark was right up this newsletter's alley and suggested the topic for this week's primer.
But this particular remark was right up this newsletter's alley and suggested the topic for this week's primer. Here's what happened: Johnson went on TV and supported Donald Trump's demand that the Federal Reserve cut interest rates. Why should the Fed cut.
Why should the Fed cut. Because, said Johnson — echoing Trump — "the American economy is hot. "That sound you hear is thousands of economists slamming their heads on their desks.