Some economists are suggesting that the best thing the FederalReserve could do for the U.S. economy would be to raise interestrates for the first time in nearly a decade, mounting an argumentthat flies in the face of conventional economic wisdom.
Tightening, in light of the current circumstances, wouldactually be stimulative, on net, they argue.
“The reason [the Fed] should have raised rates in Septemberand the reason, failing that, that it should do so this month isn'tthat the economy can handle the pain but rather that it could dowith the help,” David Kelly, chief global strategist at JPMorganAsset Management, wrote in a recent research note.
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