Poole on energy prices and the U.S. business cycle

In the speech 'Energy prices and the U.S. business cycle' given on 2 March William Poole of the Federal Reserve Bank of St. Louis said oil supply shocks need not cause recessions and were no excuse for a central bank to allow inflation to escape its control.

"Without question, energy supply shocks are disruptive, but they need not create recessions," Poole, a voting member of the U.S. Federal Reserve's interest rate-setting committee this year, told a business breakfast at the American Chamber of

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