Barely a week after Fed Chair Janet Yellen cheered her many admirers by fending off pressures to raise interest rates in a weak recovery, Yellen reversed course. In a long, dense, technical lecture at the University of Massachusetts at Amherst on Thursday, Yellen concluded by indicating that the Fed is likely to raise rates by the end of 2015 after all.
So what's at work here? Obviously, economic conditions did not change between September 17 and September 24. Workers' wages continue to be flat, despite a gradual reduction in the official unemployment rate. The inflation rate continues to be well below the Fed's official target of 2 percent, with i...
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