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A welcome end to a low-rate era

March 31, 2022

Joe Davis, Global Chief Economist

Vanguard Global Chief Economist

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Years of accommodative policy are coming to an end
The illustration shows periods of tighter monetary policy juxtaposed with periods of looser monetary policy from 1985 to 2008, the start of the global financial crisis, followed by only looser monetary policy since. It also depicts a potential 3% federal funds rate as being associated with tighter monetary policy.
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