A step forward for Fed policy certainty

After generating much confusion and market volatility, the Fed has finally elected to replace its forward guidance thresholds, allowing it to be more flexible while the economy recovers.

The Janet Yellen era at the Federal Reserve began with two key changes to its monetary policy statement.

First, it dropped the unemployment rate threshold from its forward guidance. Second, Fed officials now believe that rates will be higher by the end of 2015 and 2016 than they did in December last year.

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