Fed's Clarida: U.S. Economy Begins 2020 'In a Good Place'

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"US economy is in a good place with low unemployment, inflation still muted but expected to rise to the target".

"If there is a risk to that outlook, it is skewed to the downside", Clarida said in a question and answer period following his opening remarks to the Council on Foreign Relations.

There are some indications that the global growth headwinds are beginning to abate, Federal Reserve Vice Chairman Richard Clarida said in his prepared remarks to be delivered at an event in NY on Thursday.

While policy is "in a good place", he said that "if developments emerge that, in the future, trigger a material reassessment of our outlook, we will respond accordingly".

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Directors of the Fed banks described US economic conditions as "positive and were optimistic about the prospects for economic growth", the minutes said.

Meanwhile, the Fed said its net income in 2019 decreased by 7.6 billion dollars to 55.5 billion dollars due to higher expenses and lower income.

The Fed kept the discount rate unchanged at 2.25% at its December 10-11 meeting in keeping with its unanimous decision to also leave its benchmark overnight lending rate in a target range of between 1.50% and 1.75%.

Investors see nearly no chance of a rate cut in the next six months, according to pricing in federal funds futures contracts. In 2019, sluggish growth overseas and global developments weighed on investment, exports, and manufacturing in the United States, although there are some indications that headwinds to global growth may be beginning to abate.

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In January 2019, my FOMC colleagues and I affirmed that we aim to operate with an ample level of bank reserves in the USA financial system.3 And in October, we announced and began to implement a program to address pressures in repurchase agreement (repo) markets that became evident in September.4 To that end, we have been purchasing Treasury bills and conducting both overnight and term repurchase operations, and these efforts were successful in relieving pressures in the repo markets over the year-end.

Interest rates are lower now than they were before the recession because of slow productivity growth, demographic changes and increased demand for safer assets, Williams said.

Oil prices rose in anticipation of retaliation by Tehran but have since fallen back, reassured by the restraint shown so far by both sides. That led President Donald Trump, who tapped Powell to succeed Yellen, to complain that the central bank had raised rates too much and hurt the economy and the stock market. The actual transcript of what is said at the meetings is not released until five years have passed.

For its part, Yellen noted that while the panel had a "range of views" on how to reformulate the policy statement, she said she appreciated the panel's willingness to find agreement so that the Fed "pursued our policy intentions." public could communicate as clearly as possible. In December, Fed officials discussed feedback from their listening sessions with community and business leaders around the country.

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