The current economic slowdown pushes the Fed to lower rates to around neutral, or even lower, but persistent inflation forces Fed to ‘tweak’ rates back up, possibly late...
With longer-term bond yields rising, in spite of widespread policy easing, there seems to be more reason to think that neutral rates are still rising.
In the past couple of days, we’ve heard Bank of Japan and Bank of England governors suggest that policy rates will likely head for “neutral” as policy is adjusted. The...
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