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As the U.S. government spends big, the Fed’s vice chair pushed back on inflation worries.

The Federal Reserve’s vice chair, Richard H. Clarida, pushed back on concerns raised by two prominent economists — Lawrence H. Summers, the former Treasury secretary, and Olivier J. Blanchard, former chief economist at the International Monetary Fund — that big government spending risks of out-of-control inflation.

“They have both correctly pointed out that the U.S. has a lot of fiscal support this year,” Mr. Clarida said, speaking on an Institute of International Finance webcast. “Where I would disagree is whether or not that is primarily going to represent a long-term, persistent upward risk to inflation, and I don’t think so.”

Mr. Clarida said that there’s a lot of room for the economy to recover — some 9.5 million jobs are missing compared to before the pandemic — and that the effect of the government’s relief spending will diminish over time. He also pointed out that while there is pent-up demand on the part of spenders, there is also pent-up supply, because the service sector has been shut for months on end.

“At the Fed we get paid to be attentive and attuned to inflation risks, and we will be,” he said. But he noted that forecasters don’t see “undesirable upward pressure” on inflation over time.

$3 trillion infrastructure package. While Mr. Clarida declined to comment on specific legislation or proposals, he did say broadly that “infrastructure is needed, and the supply-side of the economy will be boosted if that money is well spent and targeted.”

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Biden Presses Economic Aid Plan, Rejecting Inflation Fears

As investors look for a pickup in growth and slightly faster price increases, watchers of the Federal Reserve have begun to expect that it might begin to slow its big bond purchases, which it has been using to bolster growth, and raise interest rates sooner than had been anticipated.

The central bank has promised to leave interest rates near zero until the economy has achieved full employment and inflation is above 2 percent and expected to stay there for some time. If markets expect the economy to reach those goals sooner rather than later, that could be seen as an expression of optimism.

“If you look at why they’re moving up, it’s to do with expectations of a return to more normal levels, more mandate-consistent levels of inflation, higher growth, an opening economy,” Jerome H. Powell, the Fed chair, said of rates during a recent congressional testimony.

But markets are forward-looking: The economy has a long way to go before it will be back to full strength. Administration officials have vowed not to be distracted by improvements in high-profile numbers, like overall job growth, and instead keep pouring fuel on the recovery until historically disadvantaged groups have regained jobs, income and the benefits of other measures of economic progress.

Job gains last month came in above economists’ forecasts, but it would take more than two years of hiring at the current level to return the labor market to its employment level in early 2020.

In addition, while all demographic groups continue to feel economic pain, the fallout has not been evenly spread. Employment for Black workers remains nearly 8 percent below its prepandemic level, while employment for white workers is down about 5 percent. Black workers tend to lose jobs heavily during recessions, then gain them back only after a long stretch of job growth.

Ms. Jones, the labor department economist, said the administration was determined to accelerate the recovery for marginalized workers, noting that Black workers, in particular, took years longer to recover from the 2008 financial crisis — a delay that left lasting scars on those households.

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