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Fed Resists Upgrading Growth Outlook After Tax Cuts [Bloomberg Business News]

BANK of NEW YORK MELLON (BK)  More Company Research Source: Bloomberg Business News
Last bank of new york mellon earnings: 7/19 06:30 am Check Earnings Report
PDF Federal Reserve officials are showing surprise at just how much the recently-enacted tax cuts are boosting the U.S. economy. But they’re still not impressed enough to lift estimates for long-term growth, a stance that puts them at odds with the White House. Minutes from the Jan. 30-31 meeting of the Federal Open Market Committee, released this week, showed “a number” of policy makers had already upgraded their month-old outlooks for growth in 2018, citing an impact from tax changes “somewhat larger in the near term than previously thought.” Missing, however, were any hints that committee members believe those tax cuts will elevate the speed at which the economy can grow in the long run without sparking faster price gains. The Trump administration, by contrast, expects a pickup in growth and no significant rise in inflation, a position taken this week by Treasury Secretary Steven Mnuchin. With unemployment already the lowest since 2000, the Fed’s outloo [Read more]

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