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"If a tree falls in the forest and no one is around to hear it, does it make a sound?" is an old philosophical thought experiment. There is a monetary policy equivalent right now: If high interest rates don't visibly slow the economy, are they doing anything to bring inflation down? Why it matters: It's unclear how much the Fed's high interest rate policy ...
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post: Fed's Mester: Expect Above Trend Growth For The Year - Now Think Economic Growth This Year Will Be Above Trend - Too Soon To Tell Where Inflation Is Going - Think Inflation Will Come Down, But Take Longer post: Fed's Mester: Policy Probably Not As Restrictive As Would've Thought
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