3. What does the Fed look at when it makes policy? You can find part of the answer in the Beige Book, a summary of economic conditions that is used as background material when the FOMC meets. You can find it starting from <http://www.federalreserve.gov/sitemap.htm>. Summarize what the latest issue of the Beige Book is telling us about the economy. Based on what you find, do you think economic conditions justify a change in monetary policy? Defend your answer.
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