Data dependence catching on, says San Fran Fed president

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San Fran Fed president John Williams

Markets increasingly view monetary policy as data dependent in both the United States and United Kingdom, according to the Federal Reserve Bank of San Francisco president, John Williams.

The Federal Open Market Committee (FOMC) is keen to stress the path of interest rates will "depend on the economic outlook as informed by incoming data". This message seems to be getting through, say Benjamin Pyle and John Williams.

In an economic letter, published April 11, they find market participants became

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