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Explore: What Has the Fed Been Doing in the Shadows?

What Has the Fed Been Doing in the Shadows?

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On the surface, many investors and market observers feel that the Fed just recently began to tighten monetary policy with a rate hike in December of last year. However, by looking at the Wu-Xia shadow fed funds rate1, the tightening cycle has been underway for quite a bit longer – since mid-2014, in fact.

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