With equity markets reaching new heights, the market’s expectation that the US Federal Reserve will cut rates to head off a labor-market slowdown is itself creating a policy challenge for the central bank. In addition to its explicit dual mandate, the Fed now must also worry about financial stability. PHILADELPHIA – I must have written at least four essays on …
Read More »As Growth Decouples From Employment, the Fed Faces a Trilemma by Mohamed A. El-Erian
