The Federal Reserve has injected trillions into the banking system since the 2008 crisis, and we’re still stuck in a low-growth economy. Yet rather than question the Fed’s overall mission and effectiveness, we’ve become obsessed with interest rates:

Did the Fed make rates too low? Should it raise rates now or wait till December? If it raises rates now, what will happen?

Last week, the Fed did nothing to their rate target, and pretty much nothing happened. So before we get to the next Fed meeting hysteria fest, let’s address the big issues.

We don’t really have market-based interest rates, and that won’t change if the Fed raises its target 0.25 percent next month or next year. Our financial sector doesn’t currently function like an efficient private market because it’s not an efficient private market.

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