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Markets are too focused on a trivial debate over how much the Federal Reserve will cut interest rates, a top Fed official said Friday.
It's the journey, not the stopping-off points along the way, that merit attention, said Fed Gov. Frederic Mishkin in a speech in New York.
"What is important for pricing most financial assets is the path of monetary policy, not the particular action taken at a single meeting," Mishkin said, adding that he hopes the Fed's more transparent communication policy can shift attention away from the medium term.