Box A: The Fed Has Overtightened

Paul Mortimer-Lee

National Institute Global Economic Outlook, 2023, issue 12, 38-46

Abstract: Fed Chairman Jerome Powell recently told the Economic Club of New York that Federal Reserve policy is currently not too tight (Powell, 2023). I disagree. The Fed makes its judgment, Powell says, by 'looking out the window' (Barrons, 2023). The problem with this is that Chair Powell may be looking out of the wrong window.

Date: 2023
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