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Yellen Says Rate Policy Shouldn’t Change Over Stability Concerns
Federal Reserve Chair Janet Yellen said there is no need to change current monetary policy to address financial stability concerns although she sees “pockets of increased risk-taking” in the financial system. In a comprehensive salvo into the worldwide debate among central bankers over whether interest rates are a first-order tool to rein in financial excess, Yellen came down against that idea and in favor of regulatory tools. “Monetary policy faces significant limitations as a tool to promote financial stability,” Yellen said today in prepared remarks at the International Monetary Fund in Washington. “Its ... (full story)
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the approximate present does not approximately determine the future
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Everyone can see the chart, but only a few can actually read it.
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