fed minutes, 2015-10-28
Moreover, it was noted that the longer-run downward trend in real interest rates suggested that short-run r* would likely remain below levels that were normal during previous business cycle expansions, and that the longer-run normal level to which the nominal federal funds rate might be expected to converge in the absence of further shocks to the economy--that is, the level that would be consistent, in the long run, with maximum employment and 2 percent inflation--would likely be lower than was the case in previous decades.
Sentiment: neutral
Topic: mp_interest_rate