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And don't miss Nir Kaissar on the Fed's need for a bit of help: "The Fed is in a pickle. It badly wants to pull back the huge stimulus it put in place in response to the 2008 financial crisis. The fed funds rate has never been this low for this long. The monthly fed funds rate -- an average of daily rates -- was less than 1 percent for 104 consecutive months from October 2008 to May of this year. Before then, it had been that low just seven times since July 1954, the longest period for which rates are available. The fed funds rate averaged 1 percent in June ... The problem is that the economy isn’t cooperating."
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