Why Janet Yellen Still Needs to Be Patient

In Today’s Global Economy, Even the Mighty Federal Reserve Isn’t in Charge

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Sometimes my parenting slackens—say on vacation—and Sebastian gets accustomed to staying up late, taking too much screen time, and passing on his veggies. Pulling him back to normalcy from this brink of anarchy is never easy.

All of which is to say I don’t envy Janet Yellen.

The Federal Reserve has been a fantastically lax economic parent since 2008, letting us all binge on the financial equivalent of sugary treats like its quantitative easing and near-zero percent interest rates that basically begged financial institutions to take free money. When historians look back …

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