After lift-off at the Fed, a focus on trajectory

For the Federal Reserve, 2015 marked a milestone: the end of seven years of holding its key interest near zero where it had been pinned since the financial crisis and recession deepened in late 2008. In 2014, the Fed already had begun to step back from the unconventional policies by ending its purchases of Treasury bonds and mortgage-backed securities. And it had laid out the criteria for the next step—raising rates—when it had seen some further improvement in labor markets and was reasonably confident that inflation would rise to its 2 percent target over the medium term. ......(read more)

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