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MNI China Daily Summary: Friday, November 29

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Chair Powell Sees Significant Increase In Potential Output

FED
  • Q: Do you agree that potential growth has moved up, and would that suggest policy maybe isn't tight enough?
    • A: We saw a year of very high growth in 2023, and we saw negative productivity growth in 2022. So, I think it's hard to draw from the data. We've had what amounts to a significant increase in the potential output of the economy that's not about productivity. It was about having more labor.
    • I think you really do have a significant increase in potential output. But you've also got more supply. It may be that you get more supply than you get demand at the beginning. But ultimately it should be neither inflationary or disinflationary over a longer period.
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