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How will Yellen Address Fostering a Dynamic Global Economy?
The topic at Jackson Hole is Fostering a Dynamic World Economy. It does not lend itself to a talk of the nuances of monetary policy. Besides, what could Yellen say that could truly impact expectations for the trajectory of monetary policy that she did not say to Congress in last month's testimony? And if there were any questions, NY Fed President Dudley's recent comments would seem to answer them. We have suggested since the June FOMC meeting that the Fed's likely path was clear. It had previously laid out its strategy to begin reducing its balance sheet. The FOMC will likely announce next month that starting in Q4. ... (full story)