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Fed is urged to rewrite its playbook

WASHINGTON — Within the wake of a deep financial disaster and a disappointingly sluggish restoration, a rising variety of specialists, together with some Federal Reserve officers, say it’s time for the Fed to think about a brand new method to managing the financial system.

Because the mid-1990s, the Fed has targeted on protecting inflation sluggish and regular, at about 2 % a 12 months, within the perception that it was one of the simplest ways to nurture financial development and keep away from painful downturns. These pushing for a brand new method don’t agree on the very best different — the concepts vary from minor tweaks to tossing the present rule e book — however there may be broad settlement that the Fed ought to seize the second now, earlier than the subsequent disaster hits.

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