Fed satisfies the market but not the mind

The US Fed's "Jumbo" 50bp cut in fed fund rates to 4.5% to 5% was not what the well balanced economy needed. It is a step into monetarist populism by the central bank. It unwarrantedly biases Fed policy towards unemployment. . It gives the wrong signal as to where the equilibrium interest rates lies (and points to 2.75% which is 75BP too low at least). It raises doubts as to what the Fed knows about labor markets and we don't.  One spillover distortion is the BoJ will  not hike rates on Friday, Sept 20 as is needed to normalise cost of capital in Japan.