Fed Ushers in a New Era of Uncertainty on Rates

Noted: “We are skeptical of the secular stagnation view,” concluded a paper presented at the Booth conference. Like many Fed officials, the authors— James Hamilton of the University of California, San Diego; Ethan Harris of Bank of America ; Jan Hatzius of Goldman Sachs and Kenneth West of the University of Wisconsin—concluded the economy has been held back by temporary headwinds and not a permanent reduction in its potential growth rate.