Thursday 18 July 2019

Cutting edge: Uncertainty sees Fed lean towards move

Richard Clarida, vice chairman of the US Federal Reserve, right, speaks during a Bloomberg Television interview in Washington
Richard Clarida, vice chairman of the US Federal Reserve, right, speaks during a Bloomberg Television interview in Washington

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The argument in favour of cutting interest rates has strengthened as cross-currents buffet the US economy, Federal Reserve vice chairman Richard Clarida has said.

"The case for providing accommodation has increased," Mr Clarida, pictured, said in a Bloomberg TV interview with Tom Keene. "Especially in the last six or eight weeks, there has been elevated uncertainty about the outlook." His comments reinforced Wednesday's remarks by chairman Jerome Powell after Fed officials left interest rates on hold but appeared to open the door to an interest-rate cut as early as late July.

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Mr Clarida brushed aside concerns that the Fed's autonomy is at risk from President Donald Trump's relentless criticism. "I don't think our independence is under threat," he said.

Bloomberg

Irish Independent

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