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Welcome back to the wonderfully confusing world of economics. In class we've only scratched the surface of monetary policy and, if there's one thing the world is good at, it's making things so much more complicated than you would imagine. However, as this article says, the FOMC is trying to bring us back to simpler time. They want to make policy decisions clear cut, a 1 step approach for deciding how to act during inflation, deflation, recession, and boom. Not a bad idea, but can they pull it off. I guess we'll find out.