Fed's Kaplan: Officials should be mindful of financial risk as they increase balance sheet
SAN RAMON, Calif./NEW YORK - U.S. central bankers on Wednesday expressed confidence they have borrowing costs at the right level to sustain growth and lift inflation to healthier levels, despite what businesses say is a lingering drag from uncertainty over U.S. trade policy.
“I could have used you a little bit here,” Trump said to former Fed Governor Kevin Warsh, who made no secret in Trump’s first year in office that he wanted the Fed chair job. Trump picked Jerome Powell instead, a move he has since said he regretted. “Why weren’t you more forceful when you wanted that job? ... I would have been very happy with you. But Kevin, thank you for being here.
Rates are currently in a “good place,” unless there is a substantial change in inflation, Philadelphia Fed President Patrick Harker said on Wednesday in New York, adding that low rates can encourage excessive risk-taking. She too said the economy will grow at about 2%, keeping unemployment at its current 3.5% level and pushing up wages by between 3% and 3.5%. “If it went up a little bit more, that would only get us to our inflation target a little bit faster,” Daly said.
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