More on the Fed’s haphazard move to forward guidance over QE

Today's commentary
Summary: Last week in the lead up to the FOMC meeting, I went through why I believed this meeting would mark a shift away from the QE regime. And while the Fed did not taper, indeed we are seeing a greater emphasis on forward guidance as a policy tool. Unfortunately, the Fed has been ham-fisted in making this transition. Some thoughts follow below.

The Fed did not taper as most of us expected. I realized the data were weak: inflation was below the Fed's informal red line, ...

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