Finally, there’s a great deal of chatter these days about whether the Fed might be risking a “policy mistake” by raising rates, or by not raising rates. This chatter vastly overstates the correlation between small monetary policy actions and economic outcomes. In my view, the Fed’s major “policy mistake” is well behind us. I described the error – abandoning a systematic policy framework for more than a decade, in favor of purely discretionary one, in a recent Op-Ed for the Financial Times: The Fed Policy Error That Should Worry Investors.Could not agree more.
Are the Bank of England’s external rate-setters pointless?
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With charts, data and vibes, we will prove: eh, probably not, but maybe
more than they used to be
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