Fedspeak with the Fed rate cut

- Central Banking staff
- 02 Jul 2003

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This article suggests to understand what the Federal Reserve does, its best to start with reasonably low expectations about what any central bank can do. It also suggests that the Fed's "balance of risk" assessment of the economy published with FOMC statements is "dangerous nonsense" as it rules out the possibility of an inflationary recession (stagflation).

This article was first published in the Washington Times, 29 June 2003. The author, Alan Reynolds, is a senior fellow with the Cato

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