Fed's Rosengren urges study of creating target range for inflation

Federal Reserve Bank of Minneapolis

He anxious about the "issue of credibility" that has resulted from persistently below-target inflation, which makes it look "like the central bank is not committed to its goals".

Boston Federal Reserve Bank President Eric Rosengren will participate in the last panel of the day on "Next Steps: Learning From the Bank of Canada" at the "Should the Fed Stick With the 2% Inflation Target or Rethink It?"

"If you have a supply side stimulus then it doesn't put upward pressure on prices" and so doesn't require a change in the Fed's policy path, Hassett said.

"This possibility is one factor that might argue for being somewhat more patient in raising rates", he said.

"My own view is that we should be focused on an inflation range, with the potential to move within the range as the optimal inflation rate changes", Rosengren said in prepared remarks at an event hosted by the Brookings Institution.


Williams said the cuts should have a "modest, positive effect" on economic growth over the next three years due to consumer spending and business investment.

With the Fed also tightening policy by shrinking its balance sheet each month, the central bank "is approaching a more neutral stance", and needs to keep that in mind in setting rates, Bostic said.

Weak wage growth and inflation are two reasons to be guarded with future rate increases, he said.

St. Louis Fed President James Bullard did not have a vote on the rate-setting committee in 2017.

"The only thing it might say to the Fed is that it's OK to keep" raising rates, said Hubbard, who's now a professor at Columbia University in NY. Despite the 4.1% unemployment rate, a 17-year low, there is ample evidence the job market is operating well below full health for most Americans. "I wouldn't say that we're out of ammunition, but certainly it's been recognized-and I've emphasized myself that, in the longer run, we may be-and we'll have to see how this works out, but we may be in low interest rate environments where it could prove useful to have additional scope to conduct monetary policy". Contributions of 200 words or more will be considered for publication.

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