In the Margins
Federal Reserve Chair Janet Yellen and her colleagues have tightened monetary policy by a lot more than their benchmark interest rate increase would suggest, but they've done it in the shadows. The so-called shadow federal funds rate rose about 300 basis points from the middle of 2014 through the end of last year as the central bank tapered, then ended its asset purchase program and prepared the way for its single rate increase in December. Read the original story from Bloomberg.
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