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4/24/2017, 10:03 PM (Source: TeleTrader)
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Fed's Kashkari: I look at policy backwards

"We've been wrong for the past seven years," Neel Kashkari said on Monday in Claremont, California, and stressed he and his fellow policymakers are "adding to the noise" by publishing individual estimates such as those about the trajectory of interest rates. The president of the Federal Reserve's subsidiary in Minneapolis explained he is "looking at it backwards" and explaining his position in a "reaction function." The rate-setter, this year's voting member of the national monetary policy panel, noted he has already published two essays about his stance and the way he looks at rates, inflation and broader developments.

Forecasts add to confusion, according to Kashkari, who advocates a view that the economy is not strong enough for stricter policy. He claimed his approach has seen positive feedback.

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