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Economic Weekly November 21, 2014: 2004 Déjà-Vu by Chief
Economist Chris Low,
Economist Jay Morelock, and Economic
The last time the Fed tightened, liftoff
occurred in June 2004. The Fed funds rate was 1%, extraordinarily low for the
post-war era, and had remained at that low longer than the Fed thought optimal.
Judging from the September dot plot, the median view at the FOMC is that 2015
will be just like 2004, at least in terms of the number of basis points
required to put the economy on a level glide path...click here to read more.
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