A brief note on the Fed’s monetary policy

Editor's note: In light of the battle to succeed Ben Bernanke as Fed Chair, we have decided to make this subscriber post available outside the paywall.
I mentioned Fed Vice Chair Janet Yellen's speech in the last post. I tend to like the way she phrases things because her statements are the clearest of all of the major FOMC policy makers. This speech is in that vein. If I could summarize her speech, I would say: "The Fed will focus on employment over inflation as far as its dual mandate is conc...

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