The Federal Reserve is engaged in a colossal transformation of the financial economy. Yet scarcely anyone is noticing. What it’s doing is like walking a herd of elephants through Midtown Manhattan without attracting much attention. That used to happen in New York in the wee hours — when the circus came to town and elephants […]
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A crucial question is hanging over the American economy and the fall presidential election: Why are consumer prices still growing uncomfortably fast, even after a sustained campaign by the Federal Reserve to slow the economy by raising interest rates? Economists and policy experts have offered several explanations. Some are essentially quirks of the current economic […]
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Over the past few decades, in a surge of bipartisan national self-confidence, the federal government has borrowed a lot of money, sometimes in response to national emergencies and sometimes to do the things people thought were worth doing. We gave ourselves permission to incur all this debt because interest rates were low and many people […]
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