How Long Can The Fed Steer Without A Map?

It was a startling admission for a Federal Reserve chairman. In congressional testimony on July 20, Alan Greenspan admitted that the central bank no longer has any reliable guide to future economic growth and prices. In effect, the Fed is now flying blind as it wrestles with whether to nudge up interest rates to prevent an acceleration of inflation.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.