Dovish or Hawkish? |
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Bernanke painted a cautious and concerned picture in his Testimony to Congress today, emphasising both persistent downside risks to growth and rising risks to inflation . The statement could sound dovish or hawkish depending on whether one focuses on Bernanke’s assessment of growth or of inflation—but in my view the language on inflation, if anything, was more hawkish. The growth outlook sounded less sanguine than at the last FOMC, and it had to, given the recent decline in equity prices and
Filed under: Fundamental
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