Far from confirming the determination to tighten monetary policy shown by Janet Yellen after the Fed’s monetary policy meeting in September, the minutes from the FOMC’s latest meeting show that its members remain highly undecided with respect to ongoing low inflation and the need to raise interest rates further before having confirmation that low inflation is a temporary phenomenon. Fed Chair Janet Yellen is now a hawk within the FOMC, whereas she had previously been a dove: as well as being intriguing, this U-turn creates doubt about the future direction of US monetary policy.
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