Between bears and hawks

摘要

It would win no prizes for elegant prose, but the statement that accompanied the Federal Reserve's latest quarter-point increase in interest rates on May 10th was at least clear. The central bankers are not sure what to do next. "Further policy firming may yet be needed to address inflation risks," they said, but they added that "the extent and timing of any such firming will depend importantly on the evolution of the economic outlook as implied by incoming information."