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November marks month #95 of the Fed’s ZIRP regime. That is, during only one of its 63 meetings since December 2008 has our monetary politburo permitted the Federal funds rates to rise by even 25 basis points. So after dithering once again with its boot heel planted hard upon the neck of the money market, we have a question for the FOMC. Exactly what hobgoblins and menacing economic threats did it identify to justify continuation of its ultra-emergency interest rate policy at Wednesday’s meeting?
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