Minneapolis Fed's Stern on U.S. monetary policy

In a speech given on 9 March Gary Stern of the Federal Reserve Bank of Minneapolis said it is uncertain whether the effectiveness of U.S. monetary policy is diluted by growing global financial market integration.

He noted such concerns, citing the effects on long-term interest rates from the Fed raising short-term interest rates, could be offset by financial inflows from abroad.

However, he expressed some doubt: "An international channel may complicate the analysis incrementally, but there is

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