The Fed is now explicitly conducting monetary policy with the aim of supporting stock prices,

As for the Fed, we look for 50 (basis points, a half-percentage point) next week.

Monetary policy is not a panacea.

We don't see any indication that the Fed would have caused to start talking more tolerantly about monetary policy. And we don't think the bond market has any particular reason to go down to lower yield levels.

It is an established scientific fact that monetary policy has had virtually no effect on output and employment in the U.S. since the formation of the Fed.

Domestic inflation reflects domestic monetary policy.