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The Fed Must Live With Uncertainty Under Trump

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The Fed Must Live With Uncertainty Under Trump

The Federal Reserve’s announcement Wednesday that it would raise interest rates by a quarter of a point came as no surprise. The move, lifting its target band for short-term rates to 0.5 to 0.75 percent, was all but universally expected. The medium- or longer-term outlook for monetary policy, however, remains as uncertain as ever.

That’s largely because of the changing outlook for fiscal policy. President-elect Donald Trump has promised massive tax cuts and a substantial boost in infrastructure spending. On the face of it, this will provide the economy with a strong fiscal stimulus -- which would greatly affect the Fed’s future decisions. All else being equal, such a fiscal expansion would call for a faster tightening of monetary policy over the course of the next year and beyond.


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Πηγή: bloomberg.com

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