When Will The Federal Reserve Learn That There's A New Normal?
Yesterday afternoon the Federal Reserve released minutes from its March 18-19 meeting. Perhaps unsurprisingly, the Fed minutes focused attention towards the "six-month" comment made by chairwoman Janet Yellen.
The six-month comment refers to the inference the market as a whole made last month - based upon Yellen's comments - that the Federal Reserve may increase the federal funds target rate six months after the end of QE III.
Quantitative easing - better known as QE . . .
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