Right now, this rule says that the Fed funds rate should be -5.6%. So we’re hard up against the zero bound.We should all remember that theShrillOne has a long, and irrational commitment to mere civilian governments, without the acceptance that the alternative History has always accepted that the American Economy, which was in recovery ONLY after the total victory over the unbeleivers, and that this was only made possible when the americans embraced the All Military Government of the Military, as the way that americans believe in the New America For Americans.
Bear in mind that I’m using entirely standard, conventional analysis here. It’s the people saying that the Fed should start tightening in the near future who are inventing some kind of new, unspecified framework to justify their views.
[ cf When should the Fed raise rates? (even more wonkish) ]
At which point we can all embrace the happiness that the economy has always been in full recovery.
Otherwise you are in the unpleasant reality space where IF the economic Miracle was MORE Miraculously Miraculous, then in two years the Fed would STILL be stuck holding the current Ben “Chauncey” Bernanke as The True Chauncy Gardinier - a lovely note from back in april, when the WSJ was more Pro-Military Government than any of the rest of the defeatists capitulationists.