U.S. central bankers see no reason to pause the current course of gradual rate hikes that have infuriated President Donald Trump and some even say the Federal Reserve may soon need to slow the economy, according to meeting minutes released Wednesday.
Trump said he doesn't speak with Chairman Jerome Powell because of the Fed's political independence but said.
"It's going too fast, because you look at the last inflation numbers - they're very low", he said.
Bullard's benchmark adjusted the Taylor rule for developments in the past two decades, such as the weak link between the unemployment rate and inflation, the aging of the USA population and low inflation expectations. "And maybe it's right, maybe it's wrong, but I put him there".
"The modernized version of the Taylor (1999) rule recommends a relatively subdued policy rate path over the forecast horizon - similar to the St. Louis Fed's recommended path, " Bullard said.
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LiveScience also reports that because all 100 participants ate the burgers, there was no control group for comparison. All we heard there was: "Don't eat flame-broiled beef and chicken fillet with American cheese before bed".
President Trump has recently renewed criticism of the Fed and its interest rate hikes.
The central bank expects to raise its key lending rate again in December - its ninth increase since 2015 - and three more times next year. The Dow Jones Industrial Average jumped 547 points.
But, amid brisk American expansion, some Fed policymakers also warned of looming dangers to the world economy, such as the potential for a strengthening U.S. dollar and possible contagion from sputtering emerging markets, according to minutes from the Fed's most recent meeting three weeks ago. Despite his criticism of the Fed's policymaking, Trump's picks have been seen as representing the mainstream of economic thinking about how a central bank should manage interest rates.
In minutes from last month's central bank rate-setting meeting, which unanimously agreed a third rise of the year, policymakers said further rate hikes "would most likely be consistent" with current economic indicators.
Presidents can only remove a Fed board member "for cause" beyond policy disagreements. But the courts ruled in a case decades ago involving the Federal Trade Commission that this language has to involve more than a policy disagreement between the president and the Fed.