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Stanley Druckenmiller On Federal Reserve Policy

STANLEY DRUCKENMILLER: I hope we can all agree that once-in-a-century emergency measures are no longer necessary five years into an economic recovery. There is a heated debate as to what a 'neutral' funds rate would be. We should be debating why we haven't moved more meaningfully toward the neutral funds rate if for no other reason so the Fed will have additional weapons available if the outlook darkens again.

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To economists and Fed officials who continually cite that we are better off than we would have been without ZIRP (zero interest-rate policy) for long I ask why is that the relevant policy time horizon? Five years after the crisis and with growing signs of economic normalization, it seems to be time to let go of myopic goals.

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