By now everyone is aware that when it comes to the Fed's "communication" with the public, there is a redacted layer [2] which remains hidden for years, and which just happens to contain the jist of what the Fed truly sees... and then there is what is left for public consumption, such as the just released statement of pre-canned sentences and algo stimulating phrases. However, to get the full transcript of the thinking that went into the policy we have to wait until 2017. Today, courtesy of John Lohman, we fast forward five years for a word cloud of the transcript that backs today's FOMC statement. Enjoy the resulting time travel.
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