January 8, 2018

Will a “couple”, a “few” continue into “several”, “most”?

It appears the view that “low” inflation is transitory is losing adherents. In the November FOMC, a couple of participants brought up the idea of alternative monetary frameworks. In the December FOMC, a “couple” became a “few” and two frameworks – PLT and NGDPT – were mentioned. November FOMC In view of the persistent shortfall of inflation from the Committee’s 2 percent objective and questions about whether longer-term inflation expectations were consistent with achievement of that objective, a couple of participants discussed the possibility that potential alternative frameworks for the conduct of monetary policy could be helpful in fulfilling the…...

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