Philadelphia Fed president wants forward guidance in ‘normal times’

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The Federal Reserve Bank of Philadelphia president, Charles Plosser, yesterday called for the Federal Open Market Committee (FOMC) to expand its forward guidance in "normal times" to increase its efficacy in more extraordinary circumstances.

Speaking in California, Plosser said this would entail being more explicit about the FOMC's reaction function for monetary policy. This could involve identifying the key economic variables that impact the committee's decisions and "frame the rationale for

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