Fed reserved

Many observers have accused the Fed of policy inconsistencies after its 25 basis point rate cut on June 25, and worse still, stealing a page from the European Central Bank (ECB) book in garbling their message. The accusations include a view that the Fed led the market down ‘the path’ of deflation, and the need for strong pre-emptive pro-active measures. The more timid response caught 50% of the market offside, and was seen as either consistent with a view that growth would resume, or that they

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