, Columnist
Markets Start to Suspect the Fed Has Cold Feet
A reversal in the 10-year yield and a move back into growth stocks both suggest the growth outlook has deteriorated.
The new paradigm of letting inflation run hot may have been overstated.
Photographer: photoschmidt/Getty Images
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Second thoughts are proverbially best. Another 24 hours on from one of the more surprising Federal Reserve announcements in recent years (even if policy makers didn’t actually do anything), the market is still working out what to make of it. The reaction will be key to the long-term success of the Fed’s policy, so it needs to be monitored quickly.