If the Federal Reserve played by monetary policy rules, the case for rate increases would be getting stronger.
According to a quarterly report released by the Federal Reserve Bank of Cleveland last week, compared with the current federal-funds rate target of a range of 0% to 0.25%, monetary policy rules say the target rate should now be at 0.22%, at 1.01% in the first quarter of 2022 and at 1.55% in the first quarter of 2023. In December, Cleveland Fed data said the target rate should be at negative 0.72% this quarter and…
