Slower Steam Ahead

“Slow steaming” is a term used in the shipping industry when a ship slows its speed to conserve energy. To adjust its course, a ship can always rely on fuel reserves to reach its next port. Similarly, the Fed continues to conserve its energy by raising rates, while economic growth is strong, to prepare for the next economic slowdown when rate cuts may be required.

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Return of the Business Cycle

The term “new normal” was coined during the rubble of the 2008-2009 great financial crisis to imply that normal business cycles were a thing of the past. Today, the business cycle is back in full force and “new normal” is a thing of the past.

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