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Natixis chief economist/Americas Joseph.....>

US VIEW
US VIEW: Natixis chief economist/Americas Joseph LaVorgna said that Fed Chair
nominee Powell today "said a low prime-age male (workforce) participation force
rate could signal economic slack, and thus little inflation pressure. This means
that monetary policy needs to stay accommodative longer.
- He adds that "we are surprised he mentioned this series because it has very
little cyclicality, and monetary policy is ill-suited to reverse a long
downtrend. For those worried that Powell might be less dovish than Yellen, those
concerns should be put aside following today's testimony."

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