The Pause That Didn’t Refresh—Still More Reason for Abolishing The FOMC, Part 1

Surprise! During the 186 months through August 2023 the Fed funds rate was negative in real terms fully 97% of the time (180 months). But apparently, all it took was just three months of barely positive readings for the Fed to throw in the towel on its rate normalization campaign. That’s right. As recently as […]