• Seth Golden posted an update 1 week, 5 days ago

    Jan Hatzius: The FED is firmly on hold
    “Fed policy remains firmly locked on hold. The ongoing easing in financial conditions and the strength in the labor market argue against any further cuts, while the weakness in the manufacturing surveys and core PCE inflation of just 1.6% rule out any hikes. With liquidity issues in money markets also on the back burner again, the Fed’s main focus this year looks likely to be the review of the monetary policy framework now slated for completion around midyear. We continue to expect a move to a “fuzzy” version of average inflation targeting, which formalizes the committee’s desire to have core PCE inflation run modestly above 2% in the strong part of the business cycle but stops short of a mechanical commitment to make up for past misses via a decisive move toward a price level target”

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