WASHINGTON - After the U.S. central bank reshaped monetary policy around global trade volatility, a Federal Reserve official offered a message to the White House on Tuesday: Don’t expect more rate cuts every time trade policy threats or announcements send markets into a tailspin.
“I don’t think it is realistic for the Fed to respond to each threat and counter threat in a tit-for-tat trade war,” Bullard said, referring to the current situation as a “Pandora’s box” that will be difficult for the United States, China and other countries to resolve any time soon. But with the economy still adjusting to a looser stance by the Fed, Bullard said it was appropriate to “wait and see” how upcoming data “roll in” before deciding whether rates should be cut again at the Fed’s next meeting in September.
The comments by Bullard, who was among the earliest advocates of the rate cut the Fed implemented last week, seemed to distance the central bank from the market’s stark reaction to recent threats by President Donald Trump to raise tariffs on Chinese imports and to declare the country a “currency manipulator.
Abolish the FED. Doesnt understand its mandate.
I served with Jim Bullard on the Student Senate at stcloudstate. Great to see the incredible success of a fellow SCSUGrad.
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