Former Treasury Department economist David Beckworth argues against multiple rate hikes in an economy that's already slowing.
Former U.S. Treasury Department economist David Beckworth says the Federal Reserve needs ‘good luck’ to help make its policy transition.
Former U.S. Treasury Department economist David Beckworth agreed that the Federal Reserve will struggle to build a strong economy while it's already slowing, on "Mornings with Maria" Friday, warning the proposed five rate hikes would be "too much for the market to bear."The best thing [the Fed] can hope for, again, is that the COVID ordeal ends quickly, because once COVID ends, we'll have more people going back to work.
So the Fed's really needing good luck here to help make their transition to tighter monetary policy easier. If you look at the 10-year Treasury, it's around 1.8%. And it would be very hard for the Fed to have a lot of rate hikes. I think five rate hikes will be too much for the market to bear.
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