Simply because the Fed is maintaining an accommodative monetary policy position doesn't mean they keep the fed funds rate at one percent indefinitely,

It was a very strong report. It shows the rate hikes engineered by the Fed so far have had little or no impact so far in slowing the economy.

Monetary policy is not a panacea.

We don't see any indication that the Fed would have caused to start talking more tolerantly about monetary policy. And we don't think the bond market has any particular reason to go down to lower yield levels.

It is an established scientific fact that monetary policy has had virtually no effect on output and employment in the U.S. since the formation of the Fed.

Domestic inflation reflects domestic monetary policy.