“Headwinds”: Code for “Fed”

Ms. Yellen has said headwinds are holding back the economy. Right! The Fed is working full-time to that end. And, if they continue their quixotic search for the “neutral rate”; if they continue to believe inflation will climb to target sometime in an unknown future date; if they continue to believe the labor market is “strong”; they will be surprised to see the fed funds rate remaining unchanged for “years to come”!

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