GDP data alluding to the start of a recession in January 2015 was published and analyzed by the Fed in July 2015. The Fed then had to hold meetings to formulate a monetary policy to deal with the recession, and then enact the chosen policy. This exemplifies a(n)

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The situation describes an implementation lag, which is the delay between recognizing an economic issue and enacting a policy to address it. After the Fed analyzed the GDP data and recognized the recession, they needed time to hold meetings and decide on a policy, which is the implementation phase.

GDP Data Alluding to the Start of a Recession in January