THE FED CRIES UNCLE

I have long held the view that contrary to popular opinion, since taking over as Fed chair, Yellen’s actions have erred on the hawkish side. Most pundits portray her as some sort of easy money villain, but it is not backed up by any hard facts.

Under her watch, the FOMC has tapered and ended Bernanke’s QE program, and then raised rates. In the process, t…