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more generally, this relationship to the entire clause is mandatory for comma + __ing, regardless of where it's placed.
e.g.,
Darryl, standing over seven feet tall, will be recruited heavily by the nation's top college basketbal programs. --> makes sense (there's an obvious relationship between darryl's height and his potential as a basketball player)
Darryl, standing over seven feet tall, is an excellent candidate for surgical practice. --> nonsense (height has nothing to do with whether someone would do well as a surgeon).
the reasoning doesn't apply to this one; those rules are only for comma+ing modifiers THAT FOLLOW CLAUSES.
you can ignore "Many financial experts believe that" -- that's just a "warmup" that doesn't affect the structure or grammar of the following clause. (test this statement by sticking it in front of any sentence at all).
therefore, that's just a nonessential modifier modifying the noun "policy makers at the FR". there's no clause to modify, so the rules about modifying clauses don't apply.
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From the GMATPrep OA, Many financial experts believe that policy makers at the Federal Reserve, now viewing the economy as balanced between moderate growth and low inflation, are almost certain to leave interest rates unchanged for the foreseeable future. Why can't the underlying portion modify the whole clause -- that is, "policy makers at the FR are almost certain to..."? (Because policy makers view the economy as balanced, they are certain to leave rates unchanged -> IMO, this perfectly makes sense!)
I'm very confused here. Please share your thoughts on this!
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I don't see why Ron would describe "now viewing . . . " as a noun modifier. It makes perfect sense as an adverbial modifier that situates the expected action.
The thief, sensing a trap, headed for the exit.
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