The Fed Pulls the Trigger
Wow. I didn't think the Fed would do this. But they did:
Anyway, they are testing a big idea here. We'll see if it works.
“A highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens,"And I'm glad they did it. It's not inflation targeting or nominal GDP targeting, but it's more-or-less a commitment to be irresponsible. (I personally don't like that characterization, because I think this is the responsible thing for the Fed to do.)
Anyway, they are testing a big idea here. We'll see if it works.
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