The Fed is looking clueless about economic growth that is in the late innings

For the moment, the three bears of slowing growth, inflation and tighter financial conditions may have been scared off by the Fed's relatively benign description of an economy that is growing moderately, inflation reaching the Fed's 2 percent target and risks that are "balanced" at the moment. However, the Fed's careful wording belies what is happening on the ground in the economy, which smacks more of late-stage business cycle behavior than a perfectly balanced environment....(read more)

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