Janet Yellen says farewell and the stock market sheds tears

Many things happened on February 2, the date the employment report for January came out. Before going into that, it´s worth looking at some history. In January 2012, the Fed instituted a formal 2% inflation target. Curiously, from the January 2012 FOMC meeting, extending to the June 2013 FOMC meeting, the Fed anticipated that inflation would undershoot the target! FOMC Meetings from Jan12 to June13 The Committee also anticipates that inflation over the medium term likely will run at or below its 2 percent objective. In July 2013, they must have realized that was a dumb thing to say, changing…

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