A ‘Pure Markets Guy’ Explains The Fed’s Inability To Tighten

I've spent quite a bit of time lately on the r-star discussion. It's important, and given the run of hot economic data in the US, it'll likely become more immediately germane for markets in the months ahead. As I put it last week, the debate doesn't get enough attention, in part because it's often couched in esoteric terms. Economists tend to present it as a kind of "inside baseball" topic that only they're entitled to weigh in on. Of course, economists aren't famous for being right about mat