FOMC faces tricky task in avoiding another bubble


The Federal Open Market Committee's (FOMC) pessimism about the economic outlook, revealed in the minutes of its June meeting this week, highlights the daunting challenge the central bank faces in avoiding keeping monetary policy too loose for too long.

At the FOMC meeting on 22 and 23 June, members of the committee said, after reporting a "softer" outlook for growth, that it was appropriate to consider "further policy stimulus" if the outlook for the economy were to "worsen appreciably". With

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