Janet Yellen's Back-to-the-'50s Interest Rates

Janet Yellen told us last week that the fed funds target rate will be raised slightly later this year. But after that, future rate hikes will be small and gradual over the next several years. In fact, we may never have true normalization (4 percent). In my view, Yellen is offering a back-to-the-â??50s approach to interest rates. And sheâ??s right, though for many wrong reasons.