Federal Reserve policymakers who last year were frequently at odds over where to...
SAN DIEGO/BALTIMORE - Federal Reserve policymakers who last year were frequently at odds over where to set U.S. borrowing costs opened 2020 telegraphing confidence in the state of the economy and signaling broad agreement that monetary policy is right where it should be.
And after cutting interest rates three times last year to bring the Fed’s target to a range of 1.5% to 1.75% and ensure global headwinds didn’t short-circuit the longest U.S. economic expansion in history, “I think most of us think that we are well-calibrated now,” Cleveland Federal Reserve Bank President Loretta Mester said in an interview on the sidelines of an economics conference in San Diego.
And while she and others noted the outlook could change if an outside shock like this week’s dramatic escalation of tensions between the United States and Iran knocks the U.S. economy off its current trajectory, most appear happy to leave rates where they are. The clutch of comments on Friday shows how comfortable most Fed policymakers are that the 2019 rate cuts will prove a sufficient buffer against the risks that spurred them into providing the stimulus, including slowing global growth and escalating trade tensions.
Inflation has been running below the Fed’s 2% target, and that is worrying some policymakers including San Francisco Fed President Mary Daly.
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