US must end the Fed obsession

The dual mandate of the US Federal Reserve, which adds full employment to price stability objectives, has created a monster that is now the dominant consideration for a sick investor market.

You don’t have to watch the morning financial news or read the newspapers for long before realising that the day’s market activities will once again be driven by a "will they or won’t they” debate over the US Federal Reserve. Almost every day begins and ends with extensive debate on the same questions: what will the Fed do next? Will there be another round of quantitative easing?


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