The Downside of the Fed’s Increasingly Complicated Expectations Game
Harvard Business Review
DECEMBER 19, 2013
When you view this reaction in terms of expectations, it makes a bit more sense. Still, even Eichengreen thought the policy shift was too inconsequential to justify the market reaction. But in Martin’s day, the Federal Open Market Committee was able to make its monetary policy decisions in relative obscurity. But stocks didn’t.
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