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Kohn cautioned Fed officers against the Fed’s practice of publishing— and highlighting—the median forecast.
I do think if we’re gonna use QE as a practical plan tool, the teachings are we need far better calibration, greater communication, and far better clarity of function. We should always maintain [QE] to the same specifications that we keep the fed resources level to, that's, we should have an understanding of the reaction function and what’s driving the decisions.
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Should the Fed does plan to modify its goal, it’s important to hold out right up until it's got properly introduced inflation right down to 2%. Michael McMahon said:
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And I do think it’s important you talk in a method which makes distinct these are generally not commitments or guarantees.
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