On July 1, Federal Reserve Chairman Walsh reiterated that he would not provide "forward guidance" on the upcoming interest rate policy, marking a significant shift for the Fed. "We will forge a new path," Walsh stated. "I hope we can have a thorough 'internal debate' when we convene (policy) in four weeks." In last month's inaugural press conference, Walsh indicated that Fed policymakers unanimously believe that forward guidance "is not suitable for the current policy environment." As for whether the Fed will permanently abandon forward guidance, Walsh announced in June the establishment of five special working groups, one of which will specifically study communication mechanisms. Other working group topics include the balance sheet, the Fed's use of data, productivity and employment, as well as the central bank's inflation framework.
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Walsh States Fed Will Forge New Path, Reiterates No Forward Guidance
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