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Joe Mac’s Market Viewpoint: Fratboys at the Punchbowl

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William McChesney Martin, the longest sitting Federal Reserve Chair in history, once famously quipped that it was the Fed’s job to “take away the punch bowl just as the party” really starts to get going. His point was that the Fed should start raising interest rates and restricting liquidity to preempt an overheating economy before it is too late. The metaphor is a bit dusty since its been over a decade since the Fed has been in a tightening mode, but the “punchbowl” is increasingly relev...


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