Fed Fracas

The Federal Reserve is struggling with four issues. Is the nearly inverted yield curve telling us to raise short-term rates more slowly lest we invert the curve and precipitate a recession? How economically growth sapping will trade wars be? What’s the fed funds rate that’s neither expansionary or contractionary, and how close to it are we? Lastly, how much should the Fed shrink its $4.2 trillion balance sheet? They’re busy.

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