Commentary: Forget The Rulebook. Times Call For A Rate Cut

What should the Federal Reserve be doing these days? Unemployment is below 4% and core inflation is running at a 2.5% rate--up from 1.9% a year ago--despite six rate hikes. The old rule book says the Fed ought to keep tightening monetary policy. At a minimum, conventional wisdom holds that interest rates should be kept steady to avoid an inflationary spiral.

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