San Francisco Fed

David Frum defends the Senate as representing the popular will: [M]any of the liberal blogs seem to take the view that once a president wins an election, his duty to persuade the country somehow adjourns for the next four years. That is not true, and it should not be true.

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Jose Lopez at the San Francisco Fed takes a look at the Fed's power to influence a wide variety of market interest rates and finds that, despite improving economic conditions, the relationship between the fed funds rate (the rate the Fed controls) and other rates is still broken. The following chart from Lopez's analysis shows the pre- and post-crisis movements of the inflation-adjusted fed funds rate (blue line) and an indicator for 13 different market rates (red line): The disconcerting thing about this picture is that the gap between the funds rate and market rates is wider now than at any

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