Tag Archives: fed

The Fed’s Spiked Punch Bowl

On Thursday, August 27, Fed Chair Jerome Powell announced a new strategy designed to keep interest rates exceptionally low for a longer time. This announcement turns William McChesney Martin’s punch bowl metaphor of 65 years ago on its head. In a 1955 speech, this former Fed chair described the Fed as a “chaperone who has ordered the punch bowl be removed just when …

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