Time For Regime Change At The Eccles Building: Interest Rate Pegging Is Destroying Capitalism

The S&P500 jerked higher yesterday afternoon when the Fed minutes revealed no new information on the dreaded day when interest rates begin to rise. In other words, the stock market is one sick puppy—utterly addicted to the Fed’s baleful regime of ZIRP.

And it is a regime. We are now in month 68 of essentially zero interest rates in the money markets. There is nothing like it in post-war history.

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