Photograph: JPL/NASA/Getty Images
U.S. Economy

The Fed's Mission: A Rocket Launch From Jupiter

The economy needs a lot more momentum to break free of the powerful pull of zero rates.

Over the past couple decades, the Bank of Japan has tried time and again to get interest rates up from zero, only to discover that the zero bound has a peculiarly strong gravitational pull. Although I hope the new measures it announced this week will help, its past experience holds an important lesson for central banks everywhere.

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