“The essence of the problem is that the war against inflation is over, ... Ever since 1979 the Fed was fighting a war against inflation, and you always knew which way you wanted the inflation rate to go over the long run -- down.” WayLongWarProblemRunningWantedFightingEssenceRateFedsLong RunsInflation Author:Paul McCulley
“The bond market is debating with itself what the intent of the Fed is. I don't think the Fed has a multi-step process. They are taking it step by step.” ThinkingProcessStepsFedsBond Market Author:Paul McCulley
