Fascination with Interest Rates Hides the Fed’s Policy Blunders

The level of interest rates has become a distraction from much-needed monetary policy reforms even though the Fed does not have precise control over interest rates. The Fed’s policies can have a major effect on the economy regardless of whether interest rates are high or low by historical standards. To minimize harmful effects from the Fed’s actions, Congress should end discretionary monetary policy and direct the Fed to implement rules-based policies that move the U.S. toward a truly competitive monetary system.

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