The Fed’s Remarkable Feat
When it comes to the lessons of history, current economic fundamentals, and the broader macroeconomic outlook, there is plenty for monetary-policy watchers to debate. But all should be able to agree that the US Federal Reserve has carried out an exceedingly difficult task almost perfectly.
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BERKELEY – Monetary-policy watchers are currently divided into two groups. But perhaps both sides should pause and reflect on where we were 18 months ago and where we are now.