The Federal Reserve System, which controls and influences the flow of mon ey in the U.S., favors "leaning into the winds" of economic change in setting its monetary policy. For months it has kept money easy-or comparatively well circulated and cheap to borrow-in order to stimulate a lagging economy. Now that the economy is rising and has less need for easy credit, the Fed has begun to tighten the money market, and the cost of money is slowly creeping up.
The Fed has been slowly raising rates by sopping up lendable funds; since November it has reduced its member banks'...
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