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- Former Fed Chair Janet Yellen says she’s in favor of an interest rate cut
Former Fed Chair Janet Yellen says she’s in favor of an interest rate cut
Former Federal Reserve Chair Janet Yellen said she supports a 25-basis-point cut in the central bank’s benchmark interest rate, as the global economy weakens and inflation in the U.S. is lower.
“The global economy has weakened. I think partly it’s weakened because of conflicts over trade and the uncertainty that’s caused for businesses,” Yellen said.
The U.S. central bank is widely expected to cut interest rates by a quarter point on Wednesday for the first time in more than a decade.
Inflation in the U.S. also remains low — too low, according to Yellen. “The U.S. isn’t an island,” she added. “We’re part of the global economy. What happens in the rest of the world — in Europe, in Asia — affects the U.S. And it’s also true that U.S. monetary policy affects conditions all around the globe.”
Wednesday’s expected rate cut is seen as a pre-emptive move amid growing concerns over global growth outlook and the impact of the ongoing trade war between Beijing and Washington.
Yellen explained the country’s focus should be on maintaining the conditions for a strong U.S. economy that can stay on an expansion path.
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