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足球博彩平台(www.hg108.vip)_The Fed still struggling to get its story straight

足球博彩平台(www.hg108.vip)_The Fed still struggling to get its story straight

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,Clearer policy: A man watches as Powell is seen delivering remarks on a screen in New York. There’d be less confusion and less delay in adjusting policy if the Fed stops organising its announcements around a projected path for its policy rate. — Reuters

MUCH as I sympathise with the Federal Reserve (Fed) as it grapples with an economy in extremely trying circumstances, I believe it could be doing better in one crucial respect: helping financial markets to align their expectations with its thinking.

Analysts could be forgiven for saying that the Fed just aligned itself with them, rather than the other way around.

It raised its policy rate by 75 basis points this week, not by the 50 points previously advertised.

After the unexpectedly high inflation figure for the year to May was published last week, analysts abruptly called for a bigger rate increase.

The Fed, reversing its earlier guidance, duly delivered. You might wonder, who’s in charge?

To be clear, if financial markets were merely anticipating the policy rate demanded by changing financial conditions, given the Fed’s understanding of its job, that would be fine.

Actually, if markets were pre-aligning themselves with policy makers’ declared ends and means, that would be ideal: The Fed does its job, and the markets help by correctly predicting its judgements.

At the moment, though, any such interpretation is quite a stretch – because the supporting analysis, from Fed and commentators alike, betrays confusion over those very ends and means.

Consider the obsessive focus, ahead of the announcement, on whether the policy rate should rise by 50 or 75 basis points.

In itself, that margin is of vanishingly small economic significance.

It matters only because of all the other things it might or might not say about the Fed’s calculations.

Has the central bank changed its understanding of the processes driving inflation – on the basis, by the way, of very little new information?

Has it changed how it balances its dual mandate – that is, does it now care more about lowering inflation than about maintaining high employment? (If so, why?)

Has it changed the timeframe over which it proposes to get inflation back under control, or about the projected policy rates needed to get inflation down as originally intended, or both?

The answer to all these questions is, who knows? And it’s little short of absurd that the choice between 50 and 75 basis points raises them in the first place.

All by itself, that ought to tell the Fed that its messaging is failing – and making a difficult job even harder.

Current monetary policy has to contend with two fundamental problems. The first is a series of unprecedentedly large and complex supply shocks.

The other is a legacy policy framework that was (arguably) well-suited to persistently less-than-target inflation but is badly suited to these new conditions.

  • 支持人民币的博彩公司(www.99cx.vip) @回复Ta

    2022-07-10 00:06:55 

    “固体发动机推力大,四个固体助推器能为全箭提供了近70%的推力,但本身存在推力全程不稳定的问题,不像液体发动机可以持续输出一条平稳的直线。” 胡存明介绍称,“捆绑在火箭四个方位的固体助推器,点火后也做不到完全‘步调一致’,有的是‘急性子’,有的稍微慢一点,这会对火箭产生一定的翻转力矩。”为此,火箭控制系统研制团队对各类极限条件进行了全面的仿真与评估,采用固体捆绑火箭三通道联合摇摆控制方案,将液氧煤油发动机+液压伺服机构与固体发动机+电动伺服机构这种跨界混搭组合牢牢“拿捏”,确保火箭的平稳飞行。有一说一,我很中意

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