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After Jerome Powell sent stocks into a downward spiral on Wednesday with his view that low inflation is expected to be 'transitory', surprising the market with its hawkish overtones, Fed Vice Chairman Richard Clarida has once again been brought in to offer a safely dovish counterpoint.
Adding his voice to a chorus of dovish Fed officials speaking on Friday, Clarida reassured markets that inflation expectations are "stable" and that there is "no need" for the Fed to change its policy stance at the moment. He also reintroduced one of the market's favorite words, saying the central bank could afford to be "patient" during his talk at the Hoover Institution Monetary Policy conference at Stanford University.
Face - Clarida - Comments
On the face of it, Clarida's comments don't offer much new:
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FED - CLARIDA - SAYS - US - ECONOMY
FED'S CLARIDA SAYS U.S. ECONOMY IS IN A `VERY GOOD PLACE'
With stocks already in rally mode, Clarida's comments didn't elicit much of a reaction.
Rate-expectations - Offensive - Effect
Though at least where rate-expectations are concerned, it appears the dovish offensive is having the desired effect.
On another note, analysts pointed out that New York Fed...
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