Federal Reserve raise: Whether the Federal Reserve raises the overnight rate to 1% from 0.75% tomorrow rather than at its May meeting, as expected earlier, is a matter of compelling interest in the financial world but it shouldn’t be, writes David P. Goldman. Economic data suggests that the transmission mechanism between monetary policy and the real economy is extremely loose, if not completely broken and the Fed might want to consider why its models have stopped working and think about devising better ones.
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