永利游戏,With an announcement to begin tapering balance sheet reinvestment viewed
asnearly a done deal at next week’s FOMC meeting, focus will be on any
signsof a shift in the Fed’s views about the expected policy rate path
as representedby the “dots.” While the recent string of soft inflation
prints argues for somedowngrade to the dots, one key question is how
much, if at all, loose financialconditions can counterbalance
disappointing inflation and support the Fed’s ratehike expectations.。

    Taylor rules and financial conditions。

    Financial conditions have eased considerably in recent months. After
bouncingaround near zero just prior to the US election – a level
indicating that financialconditions were broadly neutral for growth –
our high-frequency financialconditions index (FCI) rose to its highest
(i.e., most growth-supportive) level inseveral years in August (Figure
1). Our FCI has declined slightly over the pastmonth but continues to
indicate that financial conditions are loose, signaling solidgrowth in
the coming quarters.。

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