While the media is focused on when the Federal Reserve will start raising rates, NFIB's Bill Dunkelberg says they are asking the wrong question.
"The important question is when will the Fed stop manipulating prices and let the market set interest rates," Dunkelberg says.
At its June meeting, the Fed signaled that it's less confident about future growth and said quantitative easing will continue to taper.
Dunkelberg says the Fed's buying spree on bonds has benefitted big banks and large bond holders, but it's also created an economy with great profits and no growth.
"It was thought that more liquidity would light a fire under capital spending, but that did not occur," Dunkelberg says.
Dunkelberg says true growth will come only when the Fed and other central banks leave it up to the markets to set interest rates.
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