I find myself in the very uncomfortable position of agreeing with the Federal Reserve. Its policymaking body has already voted twice to raise the target range for federal funds, and if recent speeches and mannerisms are to be believed they will do it again at some point. In fact, I would go so far as to propose that unless the economy falls directly into full-blown recession, that will remain the case. From the official agency perspective, there is nothing left for the central bank to do. It is on that point where we are in agreement.
Monetary policy is intended for specific purposes,…

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