Takeaway: The central bank’s monetary policy stance is already accommodative, whether the Fed Funds rate is judged relative to inflation or relative to its long-run neutral level. Excerpt: “Yet, it is notable that the federal funds futures market is pricing in a significant probability of another decrease by year end. The market apparently believes the economy needs added stimulus to continue the expansion. My own view is different.” Takeaway: The economic data suggest continued expansion. The national unemployment rate is currently at 3.7 percent – very low by historical standards. And inflation is moving toward the ... (full story)