I’m very grateful for all of the time and effort you put into writing such substantive answers. I’ve learned a lot from this conversation.
One thing that I’m still wondering, however, is this: If the Fed always determines rates, how are we to ever know 1. What the actual market rate is; 2. Whether rates are rising slower than they should?
This seems interesting to me, especially in light of the fact that we shouldn’t be using the Taylor Rule.
Thank you as always