Lael Brainard speech echoes Powell in hawkish Fed policy shift

I mentioned an upcoming Lael Brainard speech a week ago. She's the Federal Reserve Governor to watch because when she gets onboard policy, it shows consensus. And this week she gave that speech, whose very title suggests a regime shift in US monetary policy. The full "Speech by Governor Brainard on navigating monetary policy as headwinds shift to tailwinds " is on the Fed's website. But I am going to give you a play by play here and tell you what it means for policy. The short answer is it means the Fed will be more aggressive in tightening going forward. The analysis follows below.
The Headwinds Policy Regime of Janet Yellen
Let's put post-crisis monetary policy in the US into five distinct phases. Each of these represents monetary policy regime shifts, like the one we are now seeing.
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