Fed Governor Waller extends Warsh's "play the ball, not the Fed" metaphor, likening central bank reaction function to umpire's strike zone
Waller repurposed the metaphor to defend his communication style, stating that batters and pitchers don't need the strike zone to be perfect, only roughly known and stable from pitch to pitch. He emphasized that players can only play the ball if they know the umpire's strike zone, which represents the central bank's reaction function, and perfection is not required for them to play well.
Source:X@NickTimiraos · Source Link
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