Today’s FOMC meeting will be delightful in its simplicity. It’s all about one thing really: how long will Fed bond buying accompany the recovery in the labor market? Now compare the ECB meetings. Policy can be eased in fourteen dimensions. There are ten preliminary end dates for the plethora of easing measures. You need the patience of a saint to dissect certain press releases on actual policy tools. We’re exaggerating. But just compare the FOMC statement with the Governing Council statement and President Lagarde’s opening statement and you will understand what we mean.

 

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