In my view, this magazine’s review has revealed a fresh reference on the fact that macro management relying solely on prudence and discipline is insufficient. At the end of the day, it remains true that the policy is more of an art rather than a science. Distinguished ladies and gentlemen, 18.
My reading of the evidence is that those securities purchases have proven effective in easing financial conditions, thereby promoting a stronger pace of economic recovery and checking undesirable disinflationary pressures. Moreover, I believe that the current accommodative stance of U.S. monetary policy continues to be appropriate because the unemployment rate remains elevated and inflation is expected to remain subdued over the medium run.