SUPPOSE for a moment that you are sitting on the Federal Open Market Committee and therefore share the FOMC’s view of what’s going on in America’s economy, and therefore think that it was sensible to raise the fed funds target in December. This means that you look at the data from the second half of 2015 and see an economy experiencing a robust, broad-based recovery, apart from energy-related businesses and some manufacturers.
You see employers adding workers at a sustained, rapid clip, despite the fact that the unemployment rate has fallen to 5%.
