In some ways it has been like two heavyweight sluggers battling it out over the course of an extended bout, exchanging one haymaker after another. With each monstrous blow, the receiver is staggered temporarily only to reform and then unleash one of his own. Back and forth, back and forth until such time a winner will be declared - and we all lose.
I hesitate to elevate the Fed and its rate-hiking regime to the status of a serious challenger, though it qualifies for any short run period. Offering alternative money rates, the only real program policymakers have, they can influence the real champion, the bond market’s behavior. Somewhat.
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