The American economy is accelerating and the stock market is sitting at record highs. Yet some in Washington are still calling on the Federal Reserve to speed up the economy by slashing interest rates.
Top White House economic adviser Larry Kudlow on Friday cheered the first quarter's 3.2% annualized growth rate as a"blowout number" that shows America's economy is"clicking on all cylinders."But he hasn't abandoned his call for the Fed to provide help by cutting borrowing rates — a step typically reserved for severe slowdowns or financial market scares.
But Kudlow didn't make that point Friday. And his boss did nothing but praise the latest figures. "We're knocking it out of the park," President Donald Trump told reporters after the GDP report was released.Insurance rate cut?Kudlow correctly pointed out that the Fed's favorite inflation metric has decelerated from above 2% to 1.4%. That's well below the central bank's 2% goal."The inflation rate is coming down.
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