We anticipate that US GDP growth will be a modest 2.0% in 2013, before picking up to 2.5% in 2014. There are still downside risks, particularly the possibility of a renewed crisis in the euro-zone or...

The Fed's latest announcement that it will be doubling its open-ended QE3 purchases to $85bn per month means that we can expect a large increase in the monetary base in 2013. As with previous rounds...

We welcome the Fed’s decision to link the timing of its first interest rate hike to numerical thresholds for the unemployment rate and inflation. But this tweak didn’t actually alter the stance of...

The Fed's adoption of numerical thresholds is, in practical terms, just a tweak in the framework used to signal how long it expects to leave short-term rates at near-zero. Based on the FOMC's new...