The Fed is headed into uncharted territory and it’s fraught with danger

The U.S. Federal Reserve has taken an almighty gamble by brushing aside deflationary warnings from the bond market and raising interest rates in a blizzard of weak data.

It has taken an even bigger gamble by choosing to reverse quantitative easing when there is no need to do so, and to proceed in the face of very influential counter-advice from top economists.

Under this double-barrelled tightening, the Fed will start selling its $4.4 trillion bond portfolio before interest rates have...

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