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🇺🇸 Waller admits the Fed's favorite policy tool is unreliable, right before CPI decides which way the outlook breaks
The day in view

🇺🇸 Waller admits the Fed's favorite policy tool is unreliable, right before CPI decides which way the outlook breaks

Macro Soup Newsroom Macro Soup Newsroom 3 min read

Fed Governor Christopher Waller called forward guidance more art than science ahead of a rare bimodal outlook splitting sticky inflation risk from a fast-cooling labor market, with June CPI due July 14 set to resolve which risk dominates.

Screenshot of black text on white background from a speech discussing FOMC forward guidance, September 2020 policy, and 2021 inflation impacts.
Fed Governor Christopher Waller described forward guidance as more art than science while cautioning against rigid commitments in a bimodal outlook during July 6 remarks. Source

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