As we shake off the effects of past Fed policy, many signs are good. But the 2016 race has seen some alarming proposals floated
By Martin Feldstein | The Wall Street Journal
is in good shape, better than critics think and financial investors fear. Incomes are rising, unemployment is falling, and industrial production is up sharply. The recent steep declines in the prices of stocks and junk bonds are not the precursor of an economic downturn. Instead, they are part of the inevitable unwinding of mispriced financial assets caused by the Federal Reserve’s unconventional monetary policy.