The Fed can’t decree credit easy or tight, and it can’t because there’s no credit by decree in the first place. Credit is once again produced in the form of market goods and labor. The Fed produces neither, which is yet another comment that the Fed’s ability to influence economic activity is well overstated.

The odds of a rate cut at the Federal Reserve’s next meeting evaporated after a resilient jobs report for the month of June alleviated concerns about a slowing US economy.