Fed nominee Clarida cool on extended QE rounds

Reuters Even as U.S. Federal Reserve Board nominees Richard Clarida and Michelle Bowman on Tuesday pledged their best efforts toward achieving the U.S. central bank’s twin goals of full employment and low inflation, one appeared hesitant on a key Fed tool used in the past to attain them.

“I will support monetary policies that take a balanced approach to achieving (the Fed’s) important objectives,” said Clarida, an economist who advises fund manager Pimco, at the start of a nomination hearing before the Senate Banking Committee.

But asked about the Fed’s bond-buying programs, known as quantitative easing, Clarida sounded skeptical.

It was among few points of contention in what was largely a drama-free hearing for both nominees, in contrast to the hearing of President Donald Trump’s other pending pick for the Fed, Marvin Goodfriend, whose nomination has since stalled in the Senate.Speech

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