JPM's Kelly: These Charts Show That Easy Fed Money Is Doing More Bad Than Good

The minutes of the Federal Reserve's last FOMC meeting revealed that some Fed members want to tighten monetary policy sooner than expected.

Some fear that a premature move by the Fed could wreak havoc on the bond markets.

But, others think it would do more good than bad for the economy.

In a report published earlier this month, J.P. Morgan Funds' Dr. David Kelly and David M. Lebovitz argue that the Fed's loose monetary policy is now doing more bad than good.

"Easy money has now gone well beyond the point of being ineffective in stimulating the economy and is now, in fact, a significant drag on U.S. economic growth," they write.

What it was supposed to do was increase the flow of money throughout the economy, which would act as stimulus. But that hasn't happened in any material way.

Kelly and Lebovitz's note includes a stack of charts supporting their thesis.

NOTE: Thanks to JP Morgan Funds for allowing us to feature these charts.