Ellen Meade on Transparency, Independence, and Lessons for the Fed’s Next Framework Review
Macro Musings with David Beckworth
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Is There Any Escape Clause in the Guidance?
The guidance said that they wouldn't lift off from zero until inflation had come back to two %. And of course, no one thought inflation was going to go where it went. So as it turned out, they satisfied the inflation conditions in that statement before they determined that they had satisfied the maximum employment conditions. The teds hit with enormous numbers of aspects of the pandemic and its aftermaph and the supply chains and the russian invasion of ukraine are complicating their task.
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