Dallas Federal Reserve Bank President Robert Kaplan, a supporter of the U.S. cen...
FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan gestures during a news conference after of the True Economic Talks event in Mexico City, Mexico, July 14, 2017. REUTERS/Edgard Garrido
In an essay prepared for released at a Hoover Institution conference on monetary policy, Kaplan said he expects U.S. gross domestic product to grow at about 2.25 percent this year, a slower pace than last year but still fast enough to tighten labour markets further and modestly boost wage growth. Instead, Kaplan said that low inflation readings could simply be a byproduct of structural changes in the economy, for instance as technology companies like Amazon and Lyft deliver goods and services at lower prices, and companies seek mergers to gain market clout and economies of scale. Such a view suggests that low inflation could persist.
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