Thursday, 14 December, 2017

Official urges limited Fed role in addressing US inequality

Official urges limited Fed role in addressing US inequality Official urges limited Fed role in addressing US inequality
Preston Stone | 25 June, 2017, 01:39

Monetary tightening is "meant to keep the economy healthy, not to slow down the expansion", Mester said on Friday.

USA government bonds remained stuck in a holding pattern Friday, with yields slipping slightly on a daily and weekly basis as investors awaited more data to either confirm or challenge their lowered inflation expectations. But the policy statement flagged concern over a recent fall in the Fed's preferred measure of inflation to 1.5 percent, and Fed officials since then have split between those anxious the trend may persist and those who feel the Fed needs to tighten still-loose monetary policy as a precaution. But Chair Janet Yellen, speaking on June 14 after the Fed raised rates for the second time this year, expressed confidence that a strong labour market would rejuvenate price pressures.

The central bank is also debating how to synchronize its next rate increase with its plan to begin reducing its $4 trillion in asset holdings, a step that at the margins could raise market interest rates.

We can all agree that some inflationary pressures due to strong demand are desirable. He's also not an FOMC voter in 2017.

That trend, at a time when United States unemployment of 4.3 per cent is already at a 16-year low, is worrying Fed doves.

They added that there's a fine line with risk now, as risk can do well if inflation remains low while growth is robust, which is known as a "falling price boom".

Earlier this week Chicago Fed President Charles Evans said the central bank needed to show its commitment to its 2 per cent target by waiting for more convincing data on inflation.

That would be a blow to Trump's pledge to raise US growth to 3 percent, and would leave the Fed setting policy based on the tepid 2 percent growth that has characterized the recovery.

President of the Federal Reserve Bank of Cleveland Loretta Mester said the United States economy is in "pretty good" shape, advocating further hikes in base borrowing costs.

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