17 August 2016 at 4:40 GMT
All year long, the market has been sending a message that the Fed until recently refused to heed — namely that the central bank's desire to raise interest rates on a regular basis isn't going to happen. Now, "lower for longer" is working its way into replacing all of the various wordplay incrementalism that has marked Fed policy statements and speeches. Markets have been obsessing over a central bank that has time and again been unable to deliver on its promises — or threats, depending on your perspective — to normalise interest rates after eight years of highly accommodative policy. But the idea that the Fed is stuck in the low-rate regime for longer than virtually anyone imagined is slowly taking root, and is the subject of much discussion and analysis on Wall Street.
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