UBS On-Air: Paul Donovan Daily Audio 'The damage of data dependency'

Finally, several months later than it should, the Federal Reserve will cut rates today. Stressing data dependency when data are not dependable has led to this unnecessary delay. The Fed has been lucky the damage has been limited—middle-income borrowers locked in mortgages at absurdly low rates, and real rates for borrowers (deflated by income growth) have not risen too much.