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Vosh: The Federal Reserve needs a brand-new inflation framework
ME News report, April 21 (UTC+8): Federal Reserve chair nominee Wosh said that if appointed and in charge of the Federal Reserve, he would push for comprehensive reforms in policy making. Wosh told the Senate committee: “In my view, the Federal Reserve needs fundamental policy reforms. The mistakes made in addressing the inflation problem during the COVID-19 pandemic require such reforms; I believe this means a shift in how policies are implemented. I believe this means we need a different, entirely new inflation framework.” Wosh said that we need new tools and new ways to communicate, mentioning forward guidance, economic forecasts, and dot plots. He said the Federal Reserve should wait until the meeting to issue statements because forecasts could interfere with decision-making.
(Jin10) (Source: ODAILY)