Fed moves work, just not how they think
Quote
when they tinker with rates up and down. Oh, yeah, sure. It does have an effect. But the effect is not what they think it Is In It takes a circuitous route to actually get back to, in order to have an effect on on the economy.
Episode 126: Podcasting Power Rangers (episode page, opens in a new tab) 00:34:52 (play audio from this timestamp, opens in a new tab)
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Summary
Rate changes do have effects, but they travel a circuitous route, arrive amplified, and show up in ways policymakers don't expect.