Some might even want Alan Greenspan, chairman of the Federal Reserve, to tighten monetary policy.
He has signalled with semaphoric precision that he wants to tighten monetary policy.
But if they increase too far, they will act to tighten monetary policy.
You will be slow to tighten monetary policy when home prices are deflating, let the CPI be what it may.
In addition, the Chinese continue to tighten monetary policy via the announcement of another hike in bank reserve requirements overnight.
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Overall, the Federal Reserve has many effective tools to tighten monetary policy when the economic outlook requires us to do so.
But the economy has stalled in the past six months, so the Bank of England is reluctant to tighten monetary policy.
To offset that, the Bank of England needs to tighten monetary policy.
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That prompted worries Chinese monetary officials could move to tighten monetary policy.
The gravest risk is that the surge in inflation might force the Bank of England to tighten monetary policy sooner than expected.
This reluctance to tighten monetary policy faster has allowed private credit to grow by more than 20% a year in Bangladesh, Vietnam and India.
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In the developing world China has attempted to tighten monetary policy.
An inflation pinch, attributable to rapid growth hitting up against the constraints of a still hidebound economy, led the central bank to tighten monetary policy.
All well and good, but what if, one distant day, the central bank decides to tighten monetary policy again by selling some of those bonds?
When the time comes to tighten monetary policy, we must either eliminate these large reserve balances or, if they remain, neutralize any potential undesired effects on the economy.
Congress should let the Fed issue its own debt, which would give it scope to tighten monetary policy without disorderly sales of the illiquid private debt it has taken on.
Although the central bank is facing calls to tighten monetary policy soon, that would be warranted only if there were signs of inflation getting embedded into expectations and feeding through to higher wages.
Were he the Fed chairman in 1998, the man who chose to tighten monetary policy when inflation was less than 1% would no doubt be drawing attention to dark clouds on the economic horizon.
The robust trade data and tame inflation numbers are a positive for the world market place because they suggest China is on the upswing and also will not have to tighten monetary policy to keep inflation in check.
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Another reason for hesitation is that the theory that revaluing the yuan will allow Beijing to tighten its monetary policy is too simplistic.
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With the Fed supporting improving markets, investors will now have to ask themselves what will happen once the Fed begins to tighten its monetary policy and rates rise.
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Rates so low seem to be depressing the dollar and pushing commodity prices upward, and the central bankers might be expected to try to tighten up their monetary policy if there was any serious signs of inflation or if the economy wasn't seen teetering on the verge of recession.
The currencies that are likely to benefit from that over the next few years are those which are growing relatively quickly and where monetary policy needs to tighten in light of increasing inflationary pressure.
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If the clouds lift and the euro-zone crisis is somehow resolved (don't bet the house on this), then the European Central Bank will tighten monetary policy and add to borrowers' mortgage payments.
If monetary policy has not been sufficiently easy to promote faster growth, the solution is not to tighten policy but to make it easier.
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