With scenarios, policymakers explicitly lay out doable outcomes—which include stickier than predicted inflation, geopolitical or trade turmoil, or weaker than predicted labor markets—and depth how they might reply to these considerations. Cieslak, McMahon, and Pang mentioned:
This publish attracts eleven classes for that Fed from those papers and conversations. A movie of the meeting and convention drafts of the papers can be found in this article.
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