Fed joining the inflation-fighter camp |
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US. The focus of monetary policy changed within the space of a few weeks from recession fears to inflation concerns. The numbers seem to support the new Fed stance: Instead of contracting as feared, the US economy most probably stagnated this spring. However, much more than stabilization at a low level should not be expected for coming quarters either (pages 5-8). Patience. It will, therefore, take a few more months before the Fed switches from its now neutral stance to a tightening bias,
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