Fed’s Powell and Rosengren hit back at ‘fiscal crunch’ research paper
Unsustainable fiscal policy in the US could lead to the subjugation of the Fed's inflation target, according to a paper presented at a Monetary Policy Forum in New York on February 22.
The research drew rebuttals from a Federal Reserve governor, Jerome Powell and the president of the Federal Reserve Bank of Boston, Eric Rosengren, who concluded that it fell short on a number of fronts.
The paper* says unsustainable fiscal policy – in the extreme – will lead to a situation where the country's
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