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The Fed's Massive 1937 Mistake: Is It Happening Again?

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  • MKM’s chief economist believes that the Fed made the right move by not tightening in September.
  • He believes that the Fed should wait to achieve its inflation and wage growth targets before raising rates.
  • A premature rate hike could lead to an economic downturn and a hasty return to near zero rates.
  • In a new report, MKM Partners Chief Economist Michael Darda discussed his case for the Federal Reserve to remain dovish until the United States generates the inflation and wage growth numbers that the Fed has targeted.

    Darda believes that the biggest mistake the Fed could make is to raise rates too early, and he argued...