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Please consider Fed Entering Brave New Policy World as Rates Near Normal Levels.

As the Federal Reserve approaches the final stages of monetary policy normalization 10 years after it cut interest rates to zero, it faces the tough task of charting a less certain path while taking incoming fire from President Donald Trump.

“Policy making is easy when you are obviously far away from’’ neutral, said Vincent Reinhart, chief economist at Standish, part of BNY Mellon Investment Management. “It’s much harder when you get into a region where there is a range of disagreement over what neutral is.’’

Policy Making is Easy?!

Reinhart is clearly wrong or it wouldn't have take 10 years just to get to the strange world of normal.

Long Strange Tip

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Lately It Occurs to Me

Lately it occurs to me

What a long strange trip it's been.

After 10 years we are close to normal. Don't expect that to last.

Mike "Mish" Shedlock