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Reporting on key macro data at the time of release.
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FED: Q&A continues:
Q: Would you characterise current monpol as accommodative, or is it just that
neutral is lower than we thought it was a year ago? Re fiscal policy, is it fair
to say that tax cuts worked the way they were supposed to?
- A: If you look at Fed funds, real rate modestly below 0%, that's somewhat
accommodative policy. But there is a range of plausible estimates of neutral,
and many have moved their estimates down. But this is very likely to be
accommodative and appropriate.
Q: MNI's Jean Yung: Are you concerned about financial stability risks?
- A: We monitor those risks all the time. Currently we don't see large
imbalances. We have a four-part framework: leverage in non-financial sector is
the fourth. With households we see them in very good shape in the aggregate;
that leaves businesses. Leverage in corporations is historically high, we have
been monitoring and taking appropriate steps. Corporate debt one part of a
larger part of our framework, something we're paying quite a bit of attention
to, and taking appropriate action.