The Fed has always been behind. Rates in the market keep outracing its rubber stamping exercise every six weeks.
The Fed only pretends to control rates by waving its magic wand. The real control is in the supply of money versus the demand for it. Money demand, especially from the US government remains huge and constant, if not growing. Meanwhile the Fed is removing money from the supply of it. Ergo, the cost of money goes up and up and up. The Fed doesn’t even try to keep up. What’s the point?
