If the specter of gradually raising interest rates from near zero is enough to cause a market panic...
perhaps the Fed should take that as a sign that the financialization of the American economy has gone too far.
One particular scene from “Yes, Prime Minister,” on a four-stage strategy to crisis management, does seem to capture the messaging on inflation
The “neutral” fed funds rate that’s neither accommodative nor restrictive is 2.5%. That’s a long way from zero.
Brian Chappatta Bloomberg 17 november 2021
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