"I can calculate the movement of stars, but not the madness of people"
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The World Is Ready for the Fed to Raise Rates, RBA's Stevens Says
The global economy is ready to absorb a rise in U.S. interest rates, the head of Australia's central bank says, despite the Federal Reserve's calls for patience as it weighs an uncertain growth outlook and recent market convulsions. "I can't see why the global economy is really any less ready for No. 2 than it was for No. 1. It's as ready as it has ever been in any of the other episodes," Reserve Bank of Australia Gov. Glenn Stevens said in an interview. "It's always hard to raise rates anywhere." The remarks reflect frustration among some policy makers that the slow return to "normal" in the world's largest economy ... (full story)
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