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Federal Reserve’s Brainard has said that she has not seen analysis yet that makes her confident pandemic changes in work patterns, other behaviour, is here to stay.

Key comments

Would be concerned by disorderly bond market movements or those that threaten fed goals.

Feels policy framework is well understood by market participants.

Have seen some classes of assets in the high end of their historic ranges.

Fed keeping an eye on financial vulnerabilities, but monetary policy a blunt tool to address them.

Discussion of tapering “not pertinent” to current period with focus on restoring job market.

Clear fragilities in money markets that fed has program to study.