Outgoing Fed Vice Chairman Richard Clarida said Thursday that he thinks the surge of inflation last year will prove to be largely transitory.
Outgoing Fed Vice Chairman Richard Clarida, in what is likely his last comment in office on the economy, said Thursday that he still believes the higher inflation seen over the past year will be “transitory,” meaning it will reverse without leaving much trace on the economy.
Clarida defended the Fed’s new policy framework adopted in the fall of 2020. He was one of the principal authors of the new strategy. “I think the new operating framework serves us well,” he said. Clarida, a well-known forecaster and economist before joining the central bank, is leaving under an ethics cloud.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Long Will It Take The Fed To Bring Down Inflation?Time lags of monetary policy will probably lead the Fed to wait too long and then fight inflation in a way that leaves the economy in recession. It won’t happen right away, but business leaders should prepare for a downturn in the next few years.
Read more »
Fed Chair Jerome Powell Says Corporations “Are Raising Prices Because They Can”Federal Reserve Chair Jerome Powell admitted that corporations may be raising prices arbitrarily to pad their profits while the public suffers under high inflation rates.
Read more »
First Mover Asia: Bitcoin, Altcoins Climb Following Fed Reserve Chief's Inflation ReassurancesBitcoin topped $43,000 to lead a broad surge in crypto prices following Fed Reserve chair Jerome Powell's reassurances that the U.S. central bank would continue its vigorous efforts to combat rising inflation. Muyaoshen and JPRubin23 report
Read more »
Gold Prices Set to Rise on Baked in Fed Rate Hike Bets as CPI LoomsGold prices are rising this week despite an aggressive shift in hawkish Fed rate hike bets. Bullion traders have a close eye on Fed Chair Powell's confirmation hearing and incoming CPI data.
Read more »
U.S. economy can withstand Fed tightening, Omicron surge, Powell saysFederal Reserve Chair Jerome Powell, in a congressional hearing that pointed to his likely confirmation for a second term as head of the U.S. central bank, said on Tuesday the economy should weather the current COVID-19 surge with only 'short-lived' impacts and was ready for the start of tighter monetary policy.
Read more »
Fed chair and US senator agree on core principles — and limits — for a potential digital dollarSenator Pat Toomey is adamant on establishing limits on a potential central bank digital currency, though he has not yet ruled out supporting one.
Read more »