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Kashkari: Three Questions
Given large concurrent changes to trade, immigration, and tax policies as well as mixed signals from the economy, it is challenging to assess with confidence which side of our dual mandate is at greater risk: price stability or maximum employment. In this essay I describe potential answers to three important questions that I am wrestling with and explain how they inform my current view of the optimal path for monetary policy. Question 1: How can I reconcile mixed signals from the labor market and from financial markets? The labor market appears to be weakening. The last four payroll employment numbers have been ... (full story)
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