Myth & Reality

On March 15, the Fed increased the policy rate by 25 basis points and more or less promised at least two more hikes by year-end. Earlier in the month, Yellen made a speech in which she said: I will spend most of my time today discussing the rationale for the adjustments the Committee has made since 2014, a year that I see as a turning point, when the FOMC began to transition from providing increasing amounts of accommodation to gradually scaling it back. On March 29, two weeks after the rate hike, San Francisco Fed president John Williams was even…

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