Domestically, the recovery of the U.S. economy has been treading along at an unenthusiastic pace in 2015. Across the globe, conditions in Europe and Japan remain largely unaltered as well, with weak external and domestic demand in Japan and a slight pick up in money and credit growth in Europe. Macroeconomic developments, such as the drop in commodity prices and the appreciation of the U.S. dollar, have been the driving forces behind the tepid U.S. growth and inflation. The committee
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