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Quote Of The Day – The Fed Still Has Work To Do

For the first time ever markets are pricing in a peak Fed Funds rate of over 5 percent.  With the PCE deflator [consumer inflation] having risen by 6.2 percent in the last 12 months, it would be historically anomalous for a 4 percent Fed Funds rate to bring inflation down to 2 percent.

Former Federal Reserve Board member Lawrence Lindsey regarding the Fed interest rate hike yesterday.

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