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Yellen "Clarifies" Policy: Themes -- April 20, 2014

Yellen "Clarifies" Policy: Themes -- April 20, 2014

6 Years ago | April 20, 2014 00:00:00


Now It Is Two Years

There is little doubt now that Fed Chair Yellen sent a misleading signal after the last FOMC meeting in mid-March with an off-the-cuff remark that the central bank could start to tighten policy about six months after the "tapering" of its Asset Purchasing Program has been completed. That would have projected to mid-2015, or about a year and a quarter from now. In a speech on Wednesday, March 16, Yellen indicated "that, while significant progress has been made, the FOMC does not expect to fully meet its dual mandate for another two years or more." Personally, I do not think that Yellen had misrepresented the thinking of the FOMC in mid-March, but that her latest comments represent an updated FOMC view. In

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