US academics praise reduction in Fed’s forward guidance

US Federal Reserve chair Jerome Powell told reporters that the Fed would significantly reduce its guidance on future monetary policy actions.

“As it relates to September, I said another unusually large increase could be appropriate, but that’s not a decision we’re making now. It’s one we’re making based on the data we see,” said Powell at the July press conference. “And we’re going to be making decisions meeting by meeting. We think it’s time to just go to a meeting-by-meeting basis and not

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