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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (20833)1/9/2005 11:53:23 AM
From: RealMuLan  Read Replies (1) of 116555
 
Fed's Kohn says market reaction to minutes not surprising
Sun Jan 9, 2005 11:08 AM ET
PHILADELPHIA, Jan 9 (Reuters) - Federal Reserve Governor Donald Kohn said on Sunday that he did not find financial markets' strong reaction to last week's release of minutes from the U.S. central bank's December policy meeting surprising.
"The markets clearly saw some information that they did not have before," Kohn told Reuters when asked about the reaction to the minutes from the Fed's Dec. 14 meeting, which included a warning about potential inflation pressures.

Kohn spoke just before a panel session on central bank communication began before the annual meeting of the Allied Social Science Associations.

Stock and bond prices fell after the minutes were issued last Tuesday under an expedited timetable that cuts the time in half -- to three weeks after the end of each policy session -- because they interpreted it a a sign rates will keep rising.

Kohn turned aside a question whether the Fed was pleased or displeased by the reaction.

"I don't think we are seeking reactions. I think we are putting out information waiting for reactions to occur," he said.

© Reuters 2005. All Rights Reserved.

reuters.com
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