FOMC slouches towards neutrality
Fed officials took an important first step in a more accommodative direction last Tuesday (August 7), acknowledging downside risks to growth. But the Federal Open Market Committee (FOMC) statement stopped far short of expressing outright concern for the expansion, and retained the same primary emphasis on inflation that has characterised sentiment throughout the current rate pause.
We suspect the committee at this point does not have a deeply held view of its next move, but wants flexibility to
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