According to entrenched lore, the Federal Reserve System is the primary arbiter of the direction of U.S. interest rates. The Fed's every prelude and move is eagerly awaited, packaged and sold by the media to a currently adoring public. And, for investors who don't look too closely at what is actually happening, it does seem the Fed drives the bus. But a closer look dispels a large chunk of this myth.
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According to entrenched lore, the Federal Reserve System is the...
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