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The biggest economic story of the year is the Federal Reserve rethinking its inflation target
The Federal Reserve is finally starting to wrestle with the fact that what it’s doing isn’t working. That might seem like a strange thing to say when inflation is under 2 percent and unemployment is a mere 4 percent — pretty much the definition of a perfect economy — but it makes a lot more sense if you take a longer view of things. How is that? Well, much more important than our current success is what’s almost certainly going to be a future problem: Interest rates are going to fall back down to zero the next time there’s a recession. It’s simple math. The Fed usually has to cut interest rates by five ... (full story)
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