Lockhart speech signals coming policy shift at the Fed

Earlier today, I indicated that comments yesterday by Fed President Dennis Lockhart clearly indicated that the Fed was poised to shift away from quantitative easing and toward forward guidance to guide future Fed monetary policy. But Lockhart gave a speech today which further signalled this policy shift. Neither time did Lockhart explain why this shift has occurred, leaving us to speculate on what is going on at the Fed.
Tim Duy spotted the key language in Lockhart’s speech today and rightly ra...

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