"The Boy Who Cried Wolf" (Or, The Fed Who Keeps Crying "Higher Rates") | Crouch

I’ve been reminded recently about Aesop’s fable, "The Boy who Cried Wolf," about the shepherd boy who repeatedly tricked the villagers into thinking a wolf was attacking his flock of sheep. Eventually, the wolf actually does appear but the villagers ignored his cries, thinking he was again just crying a false alarm. This was fatal not only for the sheep, but also for the shepherd boy. Many of you will remember how we "peel back the layers of the onion" to try to understand what might be affecting various segments of the market, and I believe it is helpful to peek underneath the surface of "The Fed" to understand the dynamics of Fed policy. The Politics of The Fed Policy I have lost track of

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