Quotes from the news wire:
Inflation measures have declined substantially since the end of last year and are presently running some 40 to 50 basis points below the FOMC's 2% inflation target, the forces that are keeping inflation below target seem unlikely to be solely transitory...Lowering the target range for the federal funds rate at this time would provide insurance against further declines.
You hear arguments inside and outside the (Fed's policy) committee that in this circumstance you should just look at inflation by itself, maybe it is the appropriate thing to do in this environment,(but)if we are really going to give up on the Phillips Curve at the heart of central banking that would be a major change.
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