A year ago, Federal Reserve Chair Jerome Powell warned fellow central bankers of the significant risks posed by trade policy uncertainty, and the ...
A year ago, Federal Reserve Chair Jerome Powell warned fellow central bankers of the significant risks posed by trade policy uncertainty, and the lack of precedents for monetary policy in the face of those unknowns.
Added to that are political storm clouds gathering ahead of the Nov. 3 presidential election, with President Donald Trump already stoking doubts over the fairness of the process and its outcome. As much as economists recognize that uncertainty threatens growth, in other words,"the existing paradigm is understating the true effects of uncertainty," the researchers wrote.MORE CLARITY?
Credit card spending also rose, data from JP Morgan shows, although that may not capture the activity of the roughly 28 million Americans who are collecting jobless benefits, which shrank this month as extra federal payments lapsed. Still, Fed policymakers are concerned the plethora of unknowns is exacerbating downward pressure on growth.
Powell could use his speech this week to lay out a clearer path for what he and his colleagues do control: monetary policy.
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