Fischer versus Yellen
10/18/2016
Federal Reserve Vice Chairman Stanley Fischer spoke about the dangers of low-interest rates. Fischer, whom many think has a better handle on running monetary policy than even Janet Yellen, contradicted the chairman and upped the ante on the interest rate hike game. The following are his warnings:
Ironically, maybe we are seeing in real time those warnings as the Atlanta Fed now sees the third quarter Gross Domestic Product (GDP) at 1.9%, after initially modeling 3.5%. However, I was sure the fix was in for the third quarter GDP. Perhaps a surge in business investment can lead to a number north of 2.0%. It’s amazing how much lower the assumption is now from only a month ago. The irony is that this proves Fischer’s point. And yet, at the same time, it makes it harder for the Fed to hikes rates. Oh! What a tangled web we weave…
Charles Payne
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