In 1997, Alan Greenspan the US Federal Reserve Chairman raised interest rates 6 times in succession. Then in 1999-2000 he raised it seven times in succession.
In 2003 he reduced it 11 times in succession, so much so now the interest rate is 1% or so.
I don’t get it. I think there is something real strange going on. Is this a consequence of heightened trading activity in the currency markets and the US bond market?