Some sectors are more/less sensitive to interest rates than others.  As a result we’re left to wonder how much sway the Fed has?

Food for thought:

How to translate?  Rate volatility and recession frequency/duration increased as manufacturing and durable goods became less important to GDP than services such as health care, education, finance and consulting.

As these sectors continue to grow the Fed will be less powerful in meeting its dual mandates of full employment and economic stability.