During the Obama years, I used data from the Minneapolis Federal Reserve to explain that the economic recovery was rather weak. And when people responded by pointing to a reasonably strong stock market, I expressed concern that easy-money policies might be creating an artificial boom.
Now that Trump’s in the White House, some policies are changing. On the plus side, we got some better-than-expected tax reform. Moreover, the onslaught of red tape from the Obama years has abated, and we’re even seeing some modest moves to reduce regulation.
What’s hard to pin down, though, is the impact of monetary policy. The Federal Reserve apparently is in the process of slowly unwinding the artificially low interest rates that were part of its easy-money…
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