by Maria Eloisa Capurro
Federal Reserve Bank of San Francisco President Mary Daly said the strength of the US economy allows policymakers to be patient as they wait for more evidence of how the Trump administration’s policies will affect businesses and households.
“When you step back from the uncertainty and you look at where we are, we’ve got solid growth, solid labor market and declining inflation,” Daly said Wednesday during an event at a conference hosted by the California Bankers Association. “That’s exactly where we want to be if were going to deliver a sustainable growth path.”
Daly said monetary policy is “in a good position” to respond to “whatever comes” from Trump policies on taxes, trade, immigration and deregulation.
“The word of the day is patience,” she said. “Patience to see, not guess.”
Officials held borrowing costs steady last week. Several policymakers have said they expect higher unemployment and inflation, but elevated uncertainty clouds their understanding of how the economy will shape up.
The Fed decision to stand pat looked wise after the US and China announced early this week they would temporarily lower tariffs on many goods as they work toward a broader trade deal. Economists now see a lower probability of recession as a result of the negotiations, but many still forecast a slowdown in activity.
Daly said Trump’s policies had created an “uncertainty shock” but that hadn’t yet turned into a demand shock that might hurt growth and employment.
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