Not What I Said

Many on Wall Street understood that the Fed’s latest statement on monetary policy signaled a shift to the hawkish side of the spectrum. For those of you unfamiliar with Fed jargon, hawkish means that your focus is on fighting inflation and you favor a tighter monetary stance. But, according to Narayana Kocherlakota President of the Federal Reserve Bank of Minneapolis, that is not the case. Mr. Kocherlakota, who cast the only dissenting vote to the policy statement, told the Wall Street Journa...