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Why the market is wrong about John Taylor, who Trump might make the Fed chief
President Donald Trump is seriously considering a candidate for Fed chair whose academic work suggests that interest rates could be nearly triple where they are now. Stanford economist John Taylor is known for his Taylor Rule, an economic gauge that dictates where the Fed's benchmark funds rate should be, given prevailing conditions. The rule suggests that the current rate should be around 3 percent, rather than the current 1.15 percent level. That's the easy conclusion. The reality is more complicated. Taylor's real allure to Trump could be that he shares the president's belief that the economy can perform more ... (full story)
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