Last week, hedge-fund manager Stan Druckenmiller said that the Federal Reserve's current policy "seems not only unnecessary, but fraught with unappreciated risk." My takeaway from his warning, informed in part by what's happened in the U.K. this year, is that investors should ignore the prognostications of policy makers at this confusing juncture in the economy and focus on the dull but more informative economic signals on growth and inflation.
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