The Fed is losing its ability to control interest rates, former Senate banking chief says

by CNBC.com • Published 2 Hours Ago

The Federal Reserve is in danger of losing control of how it sets interest rates, according to the former chairman of the Senate Banking Committee. Texas Republican Phil Gramm argues in a Wall Street Journal op-ed that the central bank's attempt to normalize interest rate policy while it also reduces the size of the securities it holds on its balance sheet could go terribly wrong.

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