In August, we discussed the economic butterfly effect of the Fed’s great experiment, and the consequences emerging markets are experiencing as quantitative easing is brought to a close. While the Fed has already begun to raise rates and reduce its balance sheet, the European Central Bank (ECB) has not yet been able to do so. Currently, its target date for bringing QE to a close is this December, but even that target date is causing … read more Newsletter #191—The Productivity Predicament