Staying the Course

The pace of increases is not as important as how high rates need to go and how long they need to stay there

Editor’s Note: We launched a new service exclusively for premium subscribers. If you are a premium subscriber, you now have access to the “editor’s notes” version of The Transcript. This will be a version of the full weekly newsletter that includes comments from our editor Scott Krisiloff to help put some of the quotes in context and highlight important…