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The Fed's Brainard makes six important points as she went to war with the hawks
1) "My main point here is that in the presence of uncertainty and the absence of accelerating inflationary pressures, it would be unwise for policy to foreclose on the possibility of making further gains in the labor market." This one says it all. Show me inflation or better growth first. I'm not taking it on faith that we can't make things better before reigning in. 2) "The apparent flatness of the Phillips curve together with evidence that inflation expectations may have softened on the downside and the persistent undershooting of inflation relative to our target should be important considerations in our policy ... (full story)
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