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Before the Federal Open Market Committee meets again on Sept. 20-21 to vote on monetary policy, it will get two consumer price index reports and two unemployment reports, which could well change its assessment of the circumstances. Unfortunately, the inflation problem remains so concerning that the Fed can’t possibly temper its aggressiveness as much as markets are apparently implying. So the end of forward guidance as a formal strategy is a reasonable decision, and if one thing is evident from the events of Wednesday, markets don’t listen particularly closely anyway.
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