The Fed's Credibility Problem

The Fed's Credibility Problem
Alhambra Partners

There was an extremely odd dynamic for monetary policy during the 1990's and especially in the United States. The less Alan Greenspan said, the more markets were convinced he knew what he was doing. He purposefully said nothing, being attributed years later with developing this “fedspeak.” So long as he continued to say nothing, the more he would have to do nothing. Again, it was a very strange time.

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