The Rate Stance: Why Central Banks Are Terrified of the 'Last Mile'
By Evelyn Hartwell · 7 min read
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The air inside the press room at the Marriner S.
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We are currently trapped in the 'last mile.' It is the most dangerous part of the marathon.
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To understand why Powell and his peers are being so cautious, you have to look at the history books they keep on their desks.
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I spoke with a senior policy advisor at the ECB recently who put it bluntly: "If we cut now and have to hike again in six months, we’ve failed our primary mandate." This sentiment is echoed across …
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While the Fed deals with an economy that is arguably too hot, the Bank of England and the ECB are facing a much uglier picture.