Resolved: The Federal Reserve Should Raise Rates

Topic: The Federal Reserve Should Raise the Federal Funds Target Rate My Side: The Federal Reserve Should Not Raise Rates Focus: Domestic welfare and global financial stability Rounds: First Rd: Definitions (Con); Acceptance (Pro) [Unusual, I know, but easier since Im proposing the debate] Second Rd: Opening Arguments Third Rd: Rebuttals and Arguments Fourth Rd: Rebuttals and Conclusion Rules: 1) Cite sources of all non-common knowledge information within character limit using in text links or parenthetical citations 2) Any economic indicator that is released by a U.S. Government organization (Federal Reserve, Bureau of Economic Analysis, Congressional Budget Office, etc.) and is verifiable (more than two sources report the same indicator) will be considered common knowledge and thus does not need to be cited. 3) Any economic indicator publically released after the beginning of the first round of debate cannot be used during the debate (List of economic indicators and calendar of release: http://www.newyorkfed.org...) 4) Specify the details of any economic indicator used for sake of verifiability (ex. Inflation is 1.9% as defined by the Core CPI, reported on a YoY basis for the month of September) Scope: Obviously the Fed will raise rates again at some point, so the focus of this debate will be the next six months. The October, December, January, and March FOMC meetings are the applicable times when the Fed could raise rates for the purpose of this debate. Definitions: United States Federal Reserve Act: An Act To provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes. (http://www.federalreserve.gov... Federal Reserve Act Official Title) For the purpose of this debate, "The United States Federal Reserve System" will be synonymous to "the Fed," "The Federal Reserve," or any comparable terms. U.S. Federal Reserve System Monetary Policy Objectives: The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. (http://www.federalreserve.gov... Federal Reserve Act Section 2a- 12 USC 225a) Open Market Operations: Any Federal reserve bank may, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks, firms, corporations, or individuals, cable transfers and bankers' acceptances and bills of exchange of the kinds and maturities by this Act made eligible for rediscount, with or without the indorsement of a member bank. (http://www.federalreserve.gov... Federal Reserve Act Section 14-12 USC 353) "Rates" (As seen in debate topic): The Federal Funds Target or Effective Rate as established by the Federal Open Market Committee. Predefined Acronyms: U.S.: United States FOMC: Federal Open Market Committee CPI: Consumer Price Index PCE: Personal Consumption Expenditures PPI: Producer Price Index FFR: Federal Funds Rate NAIRU: Non-Accelerating Inflation Rate of Unemployment USD: U.S. Dollar YoY: Year over Year QoQ: Quarter over Quarter MoM: Month over Month