If the Fed had had a 4%/year inflation target for the past decade, odds are that right now the Federal Reserve would be in a situation without great worries. But it hasn't, and it isn't: Mohamed A. El-Erian: Fed Rate Hike: Powell Tries to Balance Growth and Volatility: "Fed’s No-Win.... Powell increasingly must make the best of factors mostly outside his control, increasing fears of a policy mistake...

>...It has become customary for new central bank chiefs to be tested early in their tenure. In Powell’s case, the challenge has taken the form of a controversial policy decision due to the competing pull of domestic economic conditions and the combination of technical market fragility and a slowing international economy. This tug-of-war is unlikely to end any time soon...

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