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latest inflation reportThe Atlantic
•77% Informative
David Gergen : No one really knows how interest rates work or even whether they work at all.
He says conventional view is that raising interest rates sets off a chain reaction throughout the economy.
Gergen says the Fed raised rates, and inflation fell, but the other steps in the chain reaction never happened.
He asks: If interest rates helped tame inflation, you’d expect to see their impact show up somewhere.
Frida Ghitis : The average American has depressingly little idea of what’s going on with the national economy.
She says some experts believe inflation fell so painlessly in 2023 because the Fed never let expectations get out of control in the first place.
High interest rates may paradoxically be prolonging the inflation problem, Ghitis says.
The Fed is terrified of losing the inflation-fighting credibility that Paul Volcker worked so hard, and caused so much damage, to build.
For the central bank, in other words, interest rates are like chemotherapy.
No one knows how long it takes for rate increases to work their way through the economy’s bloodstream.
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