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The Big Picture

Rethinking Monetary Policy

With the Fed’s third rate rise this year, the last under Janet Yellen’s leadership, the era of ultra-low interest rates could be coming to an end. If so, it’s not before time, as maintaining ultra-low interest rates and monetary easing has been worse than merely ineffective.

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US Federal Reserve Brooks Kraft
Bank of Japan Behrouz Mehri/Getty Images;

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