Known Unknowns

Hello, Welcome to Known Unknowns, a newsletter about what we don’t know. Big changes at the Fed In these dark, confusing, and complex times, we all find ourselves thinking back to simpler days when the world actually made sense. For me, that was when I was in college. I had a professor in grad school who said that you never know as much about the macroeconomy as you do as an undergrad. And that’s certainly true. You learn these simple models in which the Fed pulls a lever, in the form of something called interest rates, and then all this magic happens, and you believe it’s true in the real world, too.

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