Biden’s Ultra Dove on the Fed Sounds a Bit Hawkish
So, what does it sound like when doves cry?
Maybe something like this:
For now, I see the risks to our dual mandate as roughly balanced; our policy stance is restrictive, but the target range for the federal funds rate has been steady for some time now, and the most recent Summary of Economic Projections by FOMC participants suggests that the rate is at its peak level, if the economy evolves as expected. At some point, the continued cooling of inflation and labor markets may make it appropriate to …