The cowardly Fed

There's only one thing to do about this spinelessness: Disrupt the Fed

Federal Reserve Chair Janet Yellen.
(Image credit: AP Photo/Jacquelyn Martin)

The Federal Reserve is plagued by cowardice and rote institutional thinking.

That was, once again, the subtext when Federal Reserve Chair Janet Yellen gave congressional testimony on Wednesday. She gave little away, but did nothing to suggest the Fed will change its mind about the course it has plotted for years: a series of modest interest rate hikes, driven by an unjustified fear of inflation, after keeping rates at near-zero for years.

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