Two challenges for policy in the near future
"The Federal Reserve will face a number of challenges in the conduct of monetary policy in the period ahead," said Kohn in a speech to the American Economic Association Annual Meeting in Atlanta, Georgia. "I will discuss two of them: further exit from our extraordinary measures, including the large volume of reserves, our outsized portfolio of MBS, agency, and Treasury securities, and our near-zero policy interest rate; and evaluating any lessons from the recent experience for the conduct of
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