by Mike ‘Mish’ Shedlock
Fed Vice Chair Richard H. Clarida gave a speech today touting the Fed’s new framework.
Alleged Robust Evolution
A Non-Robust and Painfully Slow Evolution
Please consider A Robust Evolution by Richard Clarida.
As my FOMC colleagues and I indicated from the outset, the fact that the Federal Reserve System chose to conduct this review does not indicate that we believed we have been poorly served by the framework in place since 2012. Indeed, I would argue that over the past eight years, the framework served us well.