FOMC forward guidance adds to 'market confusion', say leading US economists


The Federal Reserve's communication is creating confusion about its policy intentions, according to an upcoming paper by three leading US economists.

"A disturbing disconnect has opened up between Fed officials and financial market participants," argue Charles Calomiris, Peter Ireland, and Mickey Levy in the paper, which will be published by Central Banking in the next week.

The three are members of the Shadow Open Market Committee (SOMC), an independent organisation founded in 1973 that evaluat

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