'The Fed is problem No. 1 in American finance,' right now, says prominent market pundit

A debt-ceiling dilemma, regional-banking woes and the market’s apparent predilection for ultralow interest rates have one common factor, according to Jim Grant, prominent author of Grant’s Interest Rate Observer: The Federal Reserve. Grant has been a particularly tough critic of the central bank, which he says has caused a lot of damage to the economy and markets over the…