Pacific Investment Management Company (PIMCO) is chuffed over the FOMC Minutes
it has taken 18 months, but the minutes released today make clear that the Fed has now converged to PIMCO’s view, first developed at our May 2014 Secular Forum and revisited at the May 2015 Secular Forum, that monetary policy will be operating according to a new paradigm for the neutral policy rate for at least the next three to five years. We call this The New Neutral.