Economy

Former Fed Vice Chair Clarida sees possibility of fewer rate cuts than expected this year

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Former Fed Vice Chair Richard Clarida: I hope the Fed 'really moves into data-dependent mode'

Stubbornly high inflation could push the Federal Reserve into a more cautious stance this year regarding interest rate cuts, the central bank’s former vice chair said Friday.

Richard Clarida, who served as Fed governor until January 2022 and is now a global economic advisor at asset management giant Pimco, said his former colleagues need to be on guard against sticky prices that could thwart plans to ease monetary policy this year.

At its meeting earlier this week, the rate-setting Federal Open Market Committee indicated it would likely decrease rates three times this year, assuming quarter percentage point intervals. Chair Jerome Powell said receding inflation and a strong economy give…



Source cnbc.com

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