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Federal Reserve Chair Contender Yellen Advocates for Gradual Rate Cuts, Pledges to Emphasize Independence to Trump
BlockBeats News, December 17th - Lael Brainard, one of the final candidates for the next Federal Reserve Chair and current board member, stated on Wednesday that the current labor market is "very weak" and employment growth is "not optimistic," therefore the Federal Reserve still has room to cut interest rates. He supports further rate cuts to bring the central bank's rate setting back to a neutral level, while also stating that policymakers do not need to rush to do so.
He expressed confidence in stable inflation expectations and dismissed concerns that price pressures might accelerate again. When asked by a CNBC reporter if he would emphasize the Federal Reserve's independence in his meeting with Trump, Brainard replied, "Of course."
Trump has often commented on the Fed's decisions, accusing the Fed of cutting rates too slowly. He has harshly criticized Federal Reserve Chair Powell, whom he hand-picked, and has publicly stated that he has considered firing Powell before the end of his term.
Brainard was appointed by Trump and confirmed by the Senate to the Federal Reserve Board at the end of 2020. He has since become one of the most vocal advocates for rate cuts within the Fed. The Fed has cut rates by 25 basis points in the last three meetings. Brainard had previously voted against a rate cut in July to urge for a cut, but policymakers chose to keep rates unchanged at that time.
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