The Fed was now effectively adding stimulus to a world economy that was growing strongly, with jobs being created elsewhere but not in the United States. Commodity prices around the world started a steady rise, suggesting that worldwide economic slack was decreasing. If the Federal Reserve, the world's central banker in all but name, had been focused on sustainable world growth, it should have been tightening monetary policy by raising interest rates. But its mandate covered only the United States.
fed was funding global economic boom in 2000s, commodity prices were rising and global jobs raided significantly while US corporations didn't rehire quickly (prolonged boom before that with too much 'undergrowth'?)
