The Downside of the Fed’s Increasingly Complicated Expectations Game
Harvard Business Review
DECEMBER 19, 2013
When you view this reaction in terms of expectations, it makes a bit more sense. Consider what happened in the mid-1990s, when the Fed raised short-term interest rates sharply in order to stamp out what it perceived as a possible overheating of the economy. It] elevated the long-term asset value expectation.”.
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