If there really isn't any slack, then why are real wages falling?
Everyone is too focused on the still decent nominal data when the inflation-adjusted numbers tell a more dire story.
The basic problem with the policy is that it depends on data that the central bank has a miserable record of forecasting.
Recession is becoming more likely.
Commodities bulls may soon regret their enthusiasm.
A strong currency may be in America's national interests over the long term, but right now the hit to exports is a concern.
Given how much the economy has changed in such a short period, what worked in the past may not work now.
Bloated inventories held the economy back in the first quarter and will take many months and discounting to shrink.
With real incomes in the U.S. falling and households reluctant to tap their savings, growth this year will be minimal.
The odds that Chair Jerome Powell can avoid forcing the economy into a recession are getting longer by the day.
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