We’ve argued several times that the Fed isn’t what it used to be (see here and here and here), so we are gratified to see other commentators take up the theme.
The headline the title of a post by Russell Wood at Seeking Alpha. It makes some important observations: the Fed regulates banks only, and banks are becoming less and less important players in the credit markets, the increasing importance of derivatives and international capital flows, and its circumscribed authority in currency pricing.
