Forecasts pivotal given lags says Fed's Stern

Minneapolis Fed President Gary Stern said on Tuesday 11 April that economic forecasts are vital to the Federal Reserve's decision making because of the delay between policy moves and their economic impact.

"In light of the lags between policy actions and their effects, a view of the economy's future performance is critical to decision-making," Stern said in a speech to the American Academy in Berlin.

Stern, who is a supporter of inflation targeting, repeated that view in the speech, saying that

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