Shifts In How The Fed Perceives The US Economy

For the first time since 2012, the Federal Reserve  has updated its “Statement on Longer-Run Goals and Monetary Policy Strategy,” and has produced a useful “Track Changes” version of the alterations. A set of 12 notes and background papers for these changes is available, too. Perhaps the main substantive change is that the specifies that if inflation has run below its 2% annual…