On Wed, 30 Jun 2004, Doug Henwood wrote:
> The Committee perceives the upside and downside risks to the
> attainment of both sustainable growth and price stability for the
> next few quarters are roughly equal. With underlying inflation still
> expected to be relatively low, the Committee believes that policy
> accommodation can be removed at a pace that is likely to be measured.
> Nonetheless, the Committee will respond to changes in economic
> prospects as needed to fulfill its obligation to maintain price
> stability.
So, if I can translate econo-speak accurately, they want to throw more people out of work to keep wages (and thus the risk of inflation) under control. Or am I being too cynical?
Miles