Secret Fed deal abroad spurs stagflation at home

Yellen Says Caution in Raising Rates Is ‘Especially Warranted’ …  Fed Chair makes case for go-slow changes with rate near zero … Janet Yellen said it is appropriate for U.S. central bankers to “proceed cautiously” in raising interest rates because the global economy presents heightened risks. The speech to the Economic Club of New York made a strong case for running the economy hot to push away from the zero boundary for the Federal Open Market Committee’s target rate. –Bloomberg

Janet Yellen was back at it yesterday, talking down the need for a rate hike.

She is comfortable with the economy running “hot.”

Say what?

After a year or more of explaining why rate hikes were necessary, up to four or more of them in 2016, Ms. Yellen has now begun speechifying about how rate hikes are not a good idea.

It’s enough to give you whiplash.

It sets…

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