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Does the Fed believe in efficient markets?

We have become a bit spoiled. The minutes from the March Federal Open Markets Committee meeting and from other recent meetings provide more insight into the thinking of the world's most important monetary policy maker than would ever have been expected decades ago. The Fed began publishing its minutes in 1993, but the level of disclosure has only increased with time. But is the Federal Reserve's reliance on market based information logically consistent with its mandate? By Jared Woodard, BGC Financial

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