What I learned about Fed policy this week

Rather than indulge in instant analysis, I wanted to give myself a few days to reflect on Janet Yellen's speech on Monday (see full transcript). In doing so, I learned a number of things about Fed policy that I didn't know before:

• How much does the Fed want to raise before it considers rates to be "normalized"
• What it means to allow the economy to run a little "hot" because of slack in the labor markets
• What the hurdles are to next raise rates
• From Ben Bernanke: The debate over how to implement the Phillips Curve in monetary policy

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