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August 12, 2013 AT 2:03 PM
For investors trying to pinpoint when the Federal Reserve will likely end its massive bond-buying program, the message from researchers at a pair of influential regional Fed banks was clear: don't bother. Economists at the San Francisco Fed and the New York Fed wrote in the latest issue of the San Francisco Fed's Economic Letter that what's more crucial in terms of monetary policy's impact on U.S. growth and inflation will be signals from the U.S. central bank on when it will start to raise short-term interest rates from their current near-zero level,