Fed Poole- forecasts subject to significant error

The consensus view of private sector economists that U.S. gross domestic product will grow 2.1% in 2001 is "reasonable," but also subject to significant error, Federal Reserve Bank of St. Louis President William Poole said on Feb 15, 2000. Thus it's inappropriate to set monetary policy based on minor deviations from forecasts, he said, adding that the best thing for the Fed to do is keep short-term jolts to the economy from knocking it off its long-term path.

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