Reading entrails

John Kay”: has a very good “short essay(link to sub­scrip­tion page on the FT site)”: in the Finan­cial Times [sub] on the (usu­al­ly minor) impact of inter­est rate changes on out­put, con­sump­tion and invest­ment and on the mis­lead­ing fash­ion for antic­i­pat­ing and record­ing each lit­tle move­ment. The essay is also “available(link to John Kay’s site)”: on Kay’s own site.

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