It [sequestering] was quite a test, as the actual fiscal austerity was even greater than the Fed anticipated when it adopted QE3 and forward guidance in late 2012.
So we know the Fed is a bad guesser, at least. Even as we now know the Fed was a bad guesser, it is still late in making a correction, it is still over compensating. After all, if DC spends badly, the Fed should raise the rates on DC and make them cut the shenanigans.
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