From bubble to bubble, from crisis to crisis, there were increasingly compelling reasons to question the Fed’s stewardship of the US economy.
That now appears to be changing.
STEPHEN S. ROACH Project Syndicate Dec 24, 2018
|It's not about a piddling 50 basis points on the Federal funds rate next year|
|To the contrary, the clear and present danger to the greatest financial bubble in modern history is the fact that Powell affirmed without hesitation that the Fed will proceed---on automatic pilot no less---to drain that other Swamp via QT or balance sheet run-off.|