The Federal Reserve’s monetary stance is too tight given its recent economic projections, Joseph Gagnon, former associate director of the Fed’s division of international finance, says.

“This is the time to put the monetary pedal to the metal,” Gagnon says in a June 11 blog published by the Peterson Institute for International Economics. “If the economy surprises on the upside, the Fed will have plenty of time to recalibrate before problems emerge.”

Gagnon argues the Fed should reduce its

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