Fed's 'accommodation' outrun by tightening credit

Even as the Federal Reserve began raising interest rates in December its message was clear: it wanted to keep monetary conditions loose and felt the United States still needed accommodation to keep a modest recovery underway. It matters to the Fed how long this goes on and what effect it has on the real economy. Friday’s payrolls report will provide an important test of how well the domestic economy is pressing through a series of related difficulties: a potential slowdown in global demand