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September 18, 2013

Hot Potato

Well, so much for the idea of a prudent Fed. Given an opportunity to ease up on their dollar destruction policy, the FOMC instead kept the speedometer pegged at $85B per month. This decision has ramifications well into next year. Appearing on Bloomberg today, Maury Harris observed that the Fed rarely changes policy except after a meeting associated with economic projections. While the FOMC meets at the end of October, the next economic meeting comes in mid-December, and Dr. Harris notes that the Fed is unlikely to make a major policy shift during the holiday season. In other words ...

 

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