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Now's Not the Time to Raise Rates

By Lawrence Summers, Washington Post - February 10, 2015

I cannot recall a moment when the gap between what markets expect the Federal Reserve to do and what the Fed itself has forecast it will do has been as large as it is now. Markets predict that the Fed will raise interest rates only to 1.6 percent by the end of 2017; the Federal Open Market Committee’s average forecast is 3.5 percent.

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