The Federal Reserve confirmed again Wednesday that we live in a bizarre monetary world by issuing two paradoxical predictions. The sages of the Open Market Committee (FOMC) said the economy is recovering faster than they had thought, but that interest rates will nonetheless have to stay near zero through 2023.

In one sense the Fed’s statement merely puts more specificity on the new inflation-targeting policy that Fed Chair Jerome Powell laid out last month. We called it, only half in jest, “low rates forever!” Wednesday’s…



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