The January minutes of the Federal Open Market Committee clearly indicated increasing concern about turmoil in financial markets and global trade tensions between the United States and its trading partners. The Fed hinted at a slower pace of growth due to asset volatility and the international economy. Trade tensions and … … READ MORE >
Strategic retreat at the FOMC: Patience as policy
Today the FOMC obtained an unusual objective: It completely walked back a policy narrative implemented in December without meaningfully changing its domestic economic outlook, all while signaling no interest rate increases in the near term. This is a rare strategic retreat by the central bank, clearly driven by doves on … … READ MORE >

