We will almost surely see today the Fed mark the beginning of the final chapter of the Great Recession. Pulling back out of the bond market interventions that has been a core part of the Fed’s strategy is going to be tricky, in part because shifts in interest rates have a direct impact on a still-fragile U.S. economy.

In the past, the markets have panicked at the mere mention of a cutback in Fed involvement, and (more recently) have also risen on the same news, presumably because people drew encouragement from the confidence the Fed was showing in the strength and resilience of the U.S. economy.

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