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Kashkari: Policy Has Tightened a Lot. How Tight Is It? (An Update)
Over the past few years, I have published a series of essays assessing where we are in our inflation fight and highlighting some important questions policymakers are facing. My most recent essay was in February of this year, where I questioned how much monetary policy was actually restraining demand. This essay is an update to that commentary, and I now examine the current stance of monetary policy in more detail.1 I will argue that the Federal Open Market Committee (FOMC) has tightened policy significantly, compared with prior cycles, both in absolute terms and relative to the market’s understanding of neutral. ... (full story)
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FED'S KASHKARI: HOUSING MARKET IS PROVING MORE RESILIENT TO TIGHT MONETARY POLICY THAN IT HAS BEEN IN THE PAST
— *Walter Bloomberg (@DeItaone) May 7, 2024
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FED'S KASHKARI: IT IS POSSIBLE THAT HOUSING MARKET RESILIENCE MEANS THE NEUTRAL RATE HAS BEEN PUSHED HIGHER, AT LEAST IN THE SHORT TERM.
— FinancialJuice (@financialjuice) May 7, 2024
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FED'S KASHKARI: I QUESTION POLICY RESTRICTIVENESS, GIVEN THE INFLATION DATA.
— FinancialJuice (@financialjuice) May 7, 2024
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KASHKARI: FED MUST SET POLICY BASED ON SHORT-RUN NEUTRAL RATE
— *Walter Bloomberg (@DeItaone) May 7, 2024