- Kansas City Fed president George: Risks around the U.S. outlook are substantial
Market news
8 October 2020
Kansas City Fed president George: Risks around the U.S. outlook are substantial
- September statement was a message of patients on rates
- New inflation framework is a tolerance for modest overshoot above 2%; it is less so a promise to engineer it
- Inflation moderately above 2% unlikely to warrant a policy response if economy is otherwise doing well
- While the new statement reflects patience in awaiting inflation, not yet clear how much patience given uncertainty over how pandemic will impact prices
- It is important to provide guidance on Fed's QE
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