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Former BB&T CEO: monetary policy is going to be less effective than it was in the past

The Federal Reserve decided to leave fund rates unchanged but removed its 'patience' in policy action. This signals a possible rate cut in the horizon. Former BB&T CEO and former Cato Institute CEO John Allison says, "I think [the Fed] backed themselves into where monetary policy’s going to be less effective than it was in the past." He joins Yahoo Finance's Seana Smith and Adam Shapiro.