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.