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But I still haven't found what I'm looking for

09.01.2016

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The Minutes from recent Federal Open Market Committee (FOMC) meetings are filled with economic excuses. Whether it’s Asian equity volatility, the falling commodity complex, one month’s unexpectedly weak nonfarm payroll report (i.e., May 2016 report) or Brexit, the FOMC has done a masterful job of finding any and all reasons not to raise interest rates. According to the often-followed Taylor Rule, at this level of economic activity, the Federal Funds rate should be 3.45%. Yet, we are stuck at 0.5%. As in the U2 song, the FOMC still hasn’t found the data it is looking for.

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