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Another Judgment that the Fed Has Just Made a Mistake

Across the tape:

The FOMC kept the federal funds rate unchanged and did not go very far to indicate that rate cuts could be imminent... chose to largely ignore the ongoing tightening of financial conditions that has taken place. That decision could reflect that the shift in conditions was not sufficient to pull the Committee so far--from focusing on whether a near-term tightening was needed at the last meeting to actually easing policy at this one. Or it could reflect that the Committee sees the current situation as very fluid and wants to see how market conditions evolve.... [T]here is a risk that the FOMC is falling behind the curve again...

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