Fed's Ferguson on business-cycle recoveries

In a speech on 'A Retrospective on Business-Cycle Recoveries: Are "Jobless" Recoveries the New Norm?' given on 21 July, Roger Ferguson of the Federal Reserve said the slow jobs recoveries that followed the last two U.S. recessions do not suggest a need to change how monetary policy is set and recent data reminded observers there are always "sizable uncertainties" about the economy's growth rate and the trajectory of inflation.

"I think that important weight should be given to idiosyncratic

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