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MNI INTERVIEW:Fed Would Pause QT, Not Hikes, On Market Turmoil

(MNI) WASHINGTON

The Fed is likely to pause QT before rate hikes, Ex-White House economist Joseph LaVorgna tells MNI.

Market instability will not dissuade the Fed from pressing on with its aggressive interest rate hike campaign, but the central bank is likely to to pause its balance sheet runoff sooner than it has signalled as financial volatility heightens systemic risks, former White House economist Joseph LaVorgna told MNI.

“I don’t see the Fed going anywhere near as far as what they expect on the balance sheet and look for them to certainly stop that if not this year, next year,” LaVorgna, former head of the White House National Economic Council under President Trump, told MNI’s FedSpeak podcast.

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Market instability will not dissuade the Fed from pressing on with its aggressive interest rate hike campaign, but the central bank is likely to to pause its balance sheet runoff sooner than it has signalled as financial volatility heightens systemic risks, former White House economist Joseph LaVorgna told MNI.

“I don’t see the Fed going anywhere near as far as what they expect on the balance sheet and look for them to certainly stop that if not this year, next year,” LaVorgna, former head of the White House National Economic Council under President Trump, told MNI’s FedSpeak podcast.

Keep reading...Show less