Stanford's Taylor Says Fed Knows They're Behind Curve

The transcript discusses the Taylor rule and the Federal Reserve's position on interest rates, highlighting that the Fed is behind the curve. It explores the Fed's interest rate forecasts, aiming for a 3% target, and the strategic approach to achieve it. The discussion includes market expectations, Fed communication, and the factors influencing the Fed's decisions, such as market conditions and consensus within the FOMC.

What factors contributed to the Federal Reserve's decision to ramp up their expectations?

How did market conditions influence the Federal Reserve's actions according to the speaker?