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In the immediate term, any concern that Wall Street might have had over the Fedâ?s commitment to keeping interest rates low has been erased. The Taper is just the first step in a long process that culminates in the Fed raising interest rates. The fact that the Fed is not even willing to take that first step, after the market had expected and accepted it, demonstrates the Federal Reserves resolve over low interest rates. It might seem that raising interest rates is the â?tougherâ? position because low interest rates contribute to rising stock and bond purchases as well as easy financing for businesses and consumers.
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There are days in Tests when teams are dismantled and destroyed before your eyes. It feels terminal, but seldom is. Over the long narrative of a series recoveries are possible, even likely. Yet not one of the great Australians working in the media here made a case for a revival. None said the batting would improve. Not a soul stepped up to argue that personnel changes could save this team.
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