Fed shouldn’t normalize rates before the economy is back to normal

We’re about to find out the price of gradualism for the Fed.

We shouldn’t overreact to short-term signals, but a good month of jobs data and a Federal Open Market Committee statement with the subtlety of a sledgehammer suggest that even though economic data say that a rate hike is inconsistent with the Fed’s long-term positions, an increase is nevertheless looking pretty likely next month.

The above excerpt was original published in MarketWatch.