Was it a hawkish or dovish tightening? All tightenings are hawkish or, more to point, bullish on the economic outlook. As for her forward guidance leaning hawk or dove, it depends on how you see the Fed defining inflation actually progressing to higher levels. Yellen believes inflation will rise once oil prices stop falling, an obvious mechanistic mathematical result. Is that really a rise in inflation? If wage growth isn’t accelerating as well, isn't this a rising tax on consumer income that argues against raising rates?
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