One Big Hall Of Mirrors

One Big Hall Of Mirrors

Remember: It's all relative these days. That's applicable to pretty much everything, but especially to central bank forward guidance. Today's "hawkishness" would count as overt dovishness as recently as January of 2020. Compared to pre-financial crisis policy (already irresponsible according to many central bank critics), current monetary policy both in the US and across the developed world would seem nothing short of ludicrous. It's with that in mind that a "hawkish" Richard Clarida undermine
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