Why the Fed Keeps Getting Detoured on the Rate Normalization Path
Weakness and negative rates overseas and fears of recession at home are likely to stay Janet Yellen’s hand.
Tom Buerkle
December 17, 2025
John Williams, president of the Federal Reserve Bank of San Francisco, listens during Politico's Morning Money lunch briefing in Washington, D.C., U.S., on Tuesday, May 17, 2016. The two regional Federal Reserve bank presidents said at least two interest-rate increases may be warranted this year because the economy continues to expand and inflation is picking up, pushing back against expectations the central bank will delay action next month. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
