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It must have felt like they were running the Central Bank of Wonderland, rather than the United States Federal Reserve.
For much of the post-crisis period, positive observations about the state of the U.S. economy by the Fed and its leaders would trigger selling on Wall Street—an upside-down reaction worthy of Lewis Carroll. Investors liked a benchmark interest rate of zero. They liked even more the tens of billions of dollars the Fed was pumping into the economy each month. Decent economic growth caused all of that to go away. So good news became bad. But this just in: good news might be good news again. Continue reading... Comments are closed.
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