The Fed’s change of direction will only fuel America’s growing debt problem

Despite GDP growth of 3%, the US economy is still built on consumer borrowing, and higher interest rates would force millions into dangerous debtThe moment was hugely significant and yet so heavily flagged that it passed without a tremor in the financial markets. Federal Reserve chair Janet Yellen confirmed last Wednesday that the central bank would start to unwind the vast holdings of government and mortgage debt it acquired in the years following the 2008 financial crash.The Fed, under former