Janet Yellen discussed Fed policy and interest rates yesterday and, with the removal of the word ‘Patient’ from the current Open Market Committee statement, financial markets roared!
Of course when it comes to Fed-speak the removal of one word, in this case ‘patient’, reminds one of another quite famous parsing of words when the phrase ‘it all depends on what you definition of is, is‘ was once uttered.
Read the article at HAS here.
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