The Fed has just completed its regular FOMC meeting in Washington. The statement which followed the meeting was, for the most part, noncommittal about future changes in monetary policy. Admittedly, the language on the economic recovery and the labour market was more upbeat than last time, and the warnings on inflation were upgraded a notch, but there was no indication of what the Fed intends to do when QE2 ends in July. The committee probably had only a preliminary discussion of that issue today, leaving the real debate to be held at the next meeting in late April. What will they decide about the timing of their exit strategy? Read more
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