The Central Bank is Not Just Navigating through a Fog; It is Steering with a Delay April 19, 2016 by Miles Kimball “The central bank is not just navigating through a fog; it is steering with a delay. The Fed reckons it takes 18 months for changes in rates to have their full impact.” — The Economist, “The Federal Reserve: More red lights than green,” September 12, 2015.