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Opinion

Low global interest rates are here to stay

The Fed's new monetary policy strategy has profound implications

| North America
Federal Reserve Chair Jerome Powell, pictured on Sept. 23: the FOMC made two important decisions in interpreting the Fed's dual mandates.   © Sipa/AP

Masaaki Shirakawa is a former governor of the Bank of Japan.

The Federal Open Market Committee -- the interest rate-setting body of the U.S. Federal Reserve -- announced a long-awaited review of monetary policy strategy late in the summer which is called flexible average inflation targeting.

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