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March 19, 2014 AT 1:05 PM
The first Federal Reserve policy meeting led by Janet Yellen as Fed Chair ended with no surprises but a change in guidance , as expected. The Fed dropped language that tied future rate increases to an unemployment rate of 6.5% or lower. "As it turns out the unemployment rate is not a very good guide for the excess in the labor market," says Nariman Behravesh, chief economist at IHS. Another important part of the Fed's latest statement, says Behravesh, is the Fed's focus on inflation. "They're missing their inflation target on the downside," he argues. "If they're serious about a 2% inflation target they've got to get it back up there." All in all, Behravesh says the Fed is "admitting they have some work to do."