Fed Damned If It Does, Damned If It Doesn't

For the first time since the financial crisis, the Federal Reserve's luxury of time is running out. For years, a weak jobs market, tepid demand and low inflation allowed the Fed to drag its feet on ending its long experiment with ultra-easy monetary policy. That's changing now, and it's going to considerably increase the difficulty of setting policy through the rest of 2016 and into 2017.