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Tim Duy on the Huge Challenge the Fed Now Has in 2022
Odd Lots
Is There Something About the Fed Structure That Makes It Harder to Pivot as the Data Changes?
Is there something about the fed structure or culture that makes it hard for them to be flexible or to pivot as the data changes? I think that institutions in general can slow to pivot. You see this, i think, in any kind of bureaucratic structures. Once you've spent ten years developing your models in your framework, you gong to have a hard time breaking from that framework.
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