As debate (or, empirical feeling out) of the evasive neutral rate continues, the key thing about the Fed actions is simpler:

Finally the money is not free – that madness is over.

When money costs at least something nominally (1-2-4-5% – pick your number) it starts curtailing unproductive, speculative investments.

Zero interest rates – good riddance!

As debate (or, empirical feeling out) of the evasive neutral rate continues, the key thing about the Fed actions is simpler:

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