, Columnist
The Fed Signals It’s Not for Turning, But Markets Are
Don’t expect pleasant surprises. The central bank’s priority is to regain lost credibility and bring inflation expectations under control.
The Fed isn’t offering apologies for scaring Wall Street and pushing up rates.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
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It’s my job to make sense of markets, and I do it gladly. It can be fascinating. The problem is that this implies that there is some sense in what markets are doing. At times like this, such a belief grows much harder to sustain.