Navigating Ambiguity in the Federal Reserve's Economic Framework

The economy is in uncharted territory in more ways that one right now. Coming out of the worst of the pandemic, we're seeing a rapid pace of GDP growth, along with elevated inflation readings the likes of which we haven't seen in years. Beyond that, policymakers have engaged in historically aggressive fiscal and monetary expansion. The Fed, in particular, is almost a year into a new framework (unveiled last August at Jackson Hole) that aims to avoid certain mistakes of the past. So we sat down with Rob Kaplan, who has been the President of the Dallas Fed since 2015, to get his assessment of the situation right now.

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