A mangled message from the Federal Reserve

The Federal Reserve's FOMC committee meets Tuesday 28 October to decide interest rates. The accompanying statement with their decision, this article says, is now so central to markets' interpretation of the Fed's intentions that it has become a critical tool of monetary policy. The question is whether it is an effective one, it asks.

First published by the Financial Times, 28 October 2003.

Today, barring some dramatic and inexplicable last-minute change of heart, the Federal Reserve will leave

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