FOMC should be more explicit about its reaction function, says Plosser
Philadelphia Fed president discusses forward guidance at Council on Foreign Relations
The Federal Reserve’s forward guidance – whereby it aims to manage market expectations about the future path of interest rates – could be enhanced if the Federal Open Market Committee (FOMC) were more explicit about its reaction function, Federal Reserve Bank of Philadelphia president Charles Plosser said yesterday during a speech at the Council on Foreign Relations in New York.
Plosser said one way for the FOMC to be more explicit would be to indicate the likely behaviour of the Fed’s policy
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