The Fed’s Unpublished Outlook For Interest Rates

It would be pretty hard to come up with a number for the amount of pixels that have been expended discussing the impact of increasing budgets and budget deficits on future interest rates, it’s no doubt an astronomical amount. Little did we know that the Fed had already calculated the answer.The Telegraph reports that Thomas Laubach, the Fed’s senior economist, figured out the answer in 2003:Using historical examples for his paper, New Evidence on the Interest Rate Effects of Budget Deficits and