Yellen Isn't Buying Trump's Tax CutFrom: email@example.com
Dec 14 2017 06:25:14
Yellen Isn't Buying Trump's Tax Cut Talk of an Economic Miracle
The Federal Reserve isnt buying President Donald Trumps argument
that his tax cut package will lead to a significantly stronger,
sustainable expansion of the economy.
While the central bank would welcome such a development, outgoing Fed
Chair Janet Yellen suggested on Wednesday that policy makers generally
see the plan as having a modest and mostly short-term impact.
"Its not a gigantic increase in growth," she told a press conference
after the Fed raised its target for short-term interest rates for the
third time this year.
Even as Yellen was sounding cautious about the tax cuts impact, Trump
was across town at the White House trumpeting its benefits to the
point of seemingly suggesting that growth could hit 4 percent or even
"We stand on the verge of a new economic miracle," he said.