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Fed Officials Wonder If Those Concerned About Volatility Actually Understand How Financial Markets Are Supposed To Work

The presidents of the Cleveland and San Francisco have better things to do than placate the alarmists, like clean the crud out from under their fingernails.
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Two regional Federal Reserve bank presidents, Loretta Mester of Cleveland and John Williams of San Francisco, dismissed concerns over stumbling stocks on the first trading day of the year and said the U.S. economy’s expansion was on solid ground. “Underlying fundamentals of the U.S. economy remain very sound,” Mester said Monday in an interview on Bloomberg Television. “There’s going to be volatility in the markets, that’s kind of the nature of financial markets.” [Bloomberg]

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