SF Fed's Yellen on the economy and monetary policy

In the speech 'Views on the economy and implications for monetary policy' given on 8 September, Janet Yellen of the San Francisco Fed said the best thing the Federal Reserve can do in the wake of Hurricane Katrina is to ensure the stability of the national economy.

She noted that monetary policy "has little scope to cushion the immediate economic fallout from such a severe and sudden blow to a region" in the short run, suggesting that the Fed will continue with its series of rate hikes.

After 10

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