Minneapolis Fed’s Kocherlakota warns FOMC against inflation drift
Narayana Kocherlakota, president of the Minneapolis Federal Reserve, on Tuesday said it was critical for the US Federal Open Market Committee (FOMC) to clarify its mandate and avoid accepting further inflation drift.
At the Stanford Institute for Economic Policy Research in Stanford, California, Kocherlakota said: "I view the committee's current resolution of the trade-off between inflation and unemployment as being justifiable. I also viewed the committee's resolution of this trade-off in 2009
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