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The Next Fed Chair Inherits the Death Spiral

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John Rubino
Dec 21, 2025
∙ Paid

President Trump is auditioning candidates for Fed chair (to take office in May 2026), with the main criteria apparently being who will cut rates fastest and deepest. So consider a near-zero Fed Funds rate a given for the coming year.

But that’s just the beginning of a very complex process.

Let’s start with the fact that the Fed has already been lowering…

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