John Taylor and William Dudley clashed over the Federal Reserve's approach to setting monetary policy today (October 15), with Taylor telling the New York Fed president: "No-one knows what you're doing!"
Taylor argued a coherent strategy was missing from many of the Fed's communications, making it difficult for people to understand what it was thinking as it prepares to raise the federal funds rate.
Dudley firmly rebuffed Taylor's comments. "The issue isn't how the Fed is going to react to incom
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