Federal Reserve Vice Chairman Richard Clarida on Tuesday pushed back on suggestions that the low inflation readings need an emergency response from the...
The decline in core inflation doesn’t warrant an immediate interest-rate cut, said Federal Reserve Vice Chairman Richard Clarida said Tuesday in remarks that clash with the perspective expressed by President Donald Trump and Vice President Mike Pence.
Trump tweeted before the Fed meeting in support of a rate cut of a full percentage point. Pence has made a similar call, saying “this is exactly the time not only to not raise interest rates, but we ought to consider cutting them.” He echoed Fed Chairman Jerome Powell’s view that low core inflation reading was due partly to “transitory” factors.In other topics, Clarida said that the Fed has not modeled the economic impact of the Trump administration’s latest threat to raise tariffs on Chinese goods.Stocks sank on Tuesday as investors worried about the tension between the U.S. and China over the bilateral trade deficit. The Dow Jones Industrial Average DJIA, -1.65% was down almost 400 points.
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