While we do not have a queen with us today, we are most privileged to have you our most significant partners in this journey of financial literacy and education and consumer protection to share this occasion with us. Today, we launch a different document. A book. In fact, a “wealth book”.
According to commentators, this public dispute damaged the credibility of the Fed, contributing to the inflation scare. In my view, two important lessons seem to emerge from the 1994 episode: •  First: Clarity regarding central banks’ “reaction functions” is crucial to avoid sharp movements in yields.