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Fed Admits It Got 2018 Wrong, Takes Credit for 2019 Rebound

While it was a mostly quiet week in terms of Federal Reserve Board news, the chairman is no slacker. In a speech last week, Jerome Powell revealed that his fellow policymakers at the Fed had concluded that the economy wasn’t as strong in 2019 as the Fed believed it would be when it raised interest rates in 2018. Hence it cut rates again this year.

Hmmm. That sounds like the Fed was wrong, but it doesn’t sound like the august central bank is admitting it. Maybe because to do so would only embo...

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