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FRBNY President Bill Dudley throws the Taylor Rule over the side, saying it leads to monetary...

FRBNY President Bill Dudley throws the Taylor Rule over the side, saying it leads to monetary policy being too tight in a financial crisis. Financial stability first, monetary policy next, argues Dudley as policy is ineffective without stability. His remarks seem to have put a bid into equities and Treasurys, with both still lower but cutting big pre-opening losses. SPY -0.8%, TLT -0.3% premarket.
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