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Moskow on monetary policy and the jobless recovery

In a speech on 'Monetary Policy and the Jobless Recovery Puzzle' given on 1 April, Michael Moskow of the Federal Reserve Bank of Chicago said it was too soon to know when the Fed would begin to raise interest rates from the lowest level since 1958.

"The most prominent puzzle we face now is the so-called jobless recovery," Moskow told the RISE Global Student Investment Strategy Symposium in Dayton, Ohio.

But Moskow noted that business investment rose strongly in the second half of last year and

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