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3Q21 Review & Strategy Update

We maintain our 2021 Key Themes & highlight Theme #1 “Early-Then, Late-Now”, which references our “2001 Analog”. In the prior period (Then), policy tightened Early (focus on price stability over maximum employment). In the current period (Now), we maintain that policy tightening will be Late (focus maximum employment over price stability). See “2021 Outlook”, 1/11/2021.

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