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Which of the figures below belong together? It’s obvious, even if analogies aren’t your strong suit, that A is like C and B is like D. A and C are not like B and D. The economic relevance of this simple visual exercise is this: At its March 2017 meeting, the Federal Open Market…
Money is often described has having four functions: store of value, unit of account, medium of exchange and a source of anxiety. Investors reading about the FOMC minutes published earlier this week are focused exclusively on the last function worrying about what will happen when the Fed raises interest rates. A glance at the last…
