In 2019 the Federal Reserve cut interest rates in an effort to stimulate the economy. But it didn't need shoring up. The Fed described it as an "insurance cut." “Members who voted for the policy action sought to better position the overall stance of policy to help counter the effects on the outlook of weak global growth and trade policy uncertainty, insure against any further downside risks from those sources, and promote a faster return of inflation” to the 2% target, according to minutes of the July 30-31 Federal Open Market Committee meeting, released Wednesday in Washington. - Bloomberg The Fed has a dual mandate of employment and price stability. Employment has been below 5% for years and inflation has been hovering just at or below the Fed's 2% target for even longer. The S&P 500 has returned 15% annually for the last decade. The business sector is recording record profits. Why did we need any insurance? Because the stock market went down. A l...