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Question On Whether The President's View On US Growth Is Shared

FED
  • Q: Do you share the President's confidence in not being in recession? How would a recession change policy?
  • A: We think it's necessary to have growth slow down, and growth is going to be slowing down this year for a couple of reasons. You're coming off the very high growth of reopening in 2021, you're also seeing tighter monetary policy.
  • We think we need a period of growth below potential in order to create slack and the supply side can catch up.
  • We think there will be softening in labor market conditions and those are things we expect that. We think they are probably necessary to be able to get inflation on a path to 2%.
  • Nothing works in the economy without price stability. We can't have a strong labor market without price stability for an extended period of time. We don't see it as a trade-off with, with the employment mandate. We see it as a way to facilitate the sustained achievement of the employment mandate in the longer term.
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