PIIE : Is the Fed Behind the Curve?

The US economy may not be firing on all cylinders, but things are also probably not as bad as they look from the latest economic indicators. The bearish narrative is supported by few domestic indicators—the supposed threat to the United States has typically been framed in reference to “global factors” such as the slowdown of the Chinese economy. The Federal Reserve has removed its reference to external risks coming from the global economic environment in its last statement, so domestic economic activity is now the dominant piece of the decision-making process. There are three reasons why the US economy may be stronger than it looks.

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