Economía marxista para el Siglo XXI


Michael Roberts Blog

Yesterday the US Federal Reserve’s monetary policy committee (FOMC) decided to keep its policy interest rate unchanged.  The FOMC reckoned that global economic growth was slowing and it would be risky for the Fed to hike rates at this time because its policy rate sets the floor for all interest rates on bonds and mortgages and many of those overseas.  The Fed had begun the process of hiking its policy rate last December, for the first time in nine years.  That was because Fed Chair Janet Yellen was convinced that the US economy was recovering on a sustained basis.  US unemployment had dropped back nearly to the level before the Great Recession and inflation had begun to rise.  In other words, she thought the US economy was returning to ‘normal’ (finally after eight years!) and the Fed could also act ‘normally’ with its interest rate policy.

Then in January…

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