Inflating US exceptionalism
Fed's new policy is not about creating inflation for its own sake
Aegon Asset Management's Gareth Gettinby
The decision by the US Federal Reserve to adopt an average inflation target has no immediate relevance. In the long-term, however, its impact could be profound.
US inflation is currently running at around 1%. For the Fed to convince anyone that it is on target to meet its five-year average of 2%, inflation would have to be at 3% for more than a year. To put that...
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