Low unemployment alone not enough to justify Fed rate hikes, Clarida says

FILE PHOTO: Federal Reserve Vice Chairman Richard Clarida, boards a bus to tour South Dallas as part of a community outreach by U.S. central bankers, in Dallas, Texas, U.S., February 25, 2019. REUTERS/Ann Saphir/File Photo

“A low unemployment rate by itself, in the absence of evidence that price inflation is running or is likely to run persistently above mandate-consistent levels or pressing financial stability concerns, will not, under our new framework, be a sufficient trigger for policy action,” Clarida said in prepared remarks for a presentation organized by the Peterson Institute for International Economics in Washington.

Clarida’s comments, describing the new policy as a “milestone” for the U.S. central bank, elaborate on the Fed’s announcement last week of a new strategy that aims to use higher inflation when the economy is strong to offset the impact of periods of weaker prices.

Who's a bigger dweeb, Clarida or Kashkari?

Next policy steps: print another couple of trillion.

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