- The Fed’s omission of a new financial stability policy framework to go with its new monetary policy framework is looking even more deliberate.
- American pessimism is both universal and bipartisan.
- With so much current economic slack the negative impact of the “fiscal cliff” may be more significant than the positive impact of another fiscal stimulus.
- The next fiscal response to the “fiscal cliff” may, like the PPP, arrive too late and fall well short.
- A new Fed definition of full employment may be under construction.
For further details see:
The Fed Risks Financial Stability To Redefine Its Employment Mandate