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Fed Won’t Easily Declare “Mission Accomplished”
The Federal Reserve reaffirmed its commitment to support the U.S. economy through the crisis and during the subsequent recovery. Federal Reserve Chair Jerome Powell and his colleagues will not declare victory prematurely. They have yet to even consider the pull back from the extraordinary level of monetary accommodation they are providing. We are just nowhere near that outcome yet so there is no point in asking about it. The day began with an unsurprisingly weak reading on the economy. The collapse in March was sufficient to drag first quarter GDP growth down to a recession-level contraction of 4.8%: image Note ... (full story)