I’m not aware of ANY period since 1913 when we have had market interest rates. The Fed exists to move counter-cyclical to the market thereby preventing panics (1). Since the GFC, the Fed & Treasury have moved to prevent ANY market corrections.
(1) I’m 69, and I can’t count the number credit restrictions that have occurred solely because Wall Street and commercial bankers are nothing but lemmings.
Interest rate policy (QE etc) would also suffice as an example. No free market in interest rates since the GFC.
I’m not aware of ANY period since 1913 when we have had market interest rates. The Fed exists to move counter-cyclical to the market thereby preventing panics (1). Since the GFC, the Fed & Treasury have moved to prevent ANY market corrections.
(1) I’m 69, and I can’t count the number credit restrictions that have occurred solely because Wall Street and commercial bankers are nothing but lemmings.