The Federal Reserve is close to the point of being "neutral" on interest rates and should predicate further increases on economic data, the central bank's vice chairman said Friday.
Recent appointee Richard Clarida told CNBC's Steve Liesman that nearly three years of increases have brought the Fed's short-term interest rate near where it is neither restrictive nor stimulative, a key consideration when considering the future path of monetary policy.
"As you move in the range of policy that by some estimates is close to neutral, then with the economy doing well it's appropriate to sort of shift the emphasis toward being more data dependent," Clarida said during a "Squawk Box" interview.
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