Fed Vice Chair Stanley Fischer is out with a speech today in which he says the economy has a new interest-rate equilibrium — the ideal interest rate that neither spurs or slows the economy and that target is worryingly low. A year ago, the Fed was talking about eventually ramping up to four percent or more. But it now looks like the Fed will aim for just 2.9 percent or so. Why is that? And why does it mean for the economy?
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