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Cleveland's Pianalto sees threat to economy
Published on Wednesday, May 14, 2008
Bloomberg News
Federal Reserve Bank of Cleveland President Sandra Pianalto said prices are rising faster than she'd like and inflation is a ''key risk'' to the economic outlook.
While interest-rate cuts since September are ''compatible with a low and stable inflation rate,'' prices are rising ''somewhat faster than I would prefer,'' Pianalto said in a speech in Paris on Tuesday. ''Inflation presents a key risk to my outlook.''
Fed policymakers indicated last month they could pause after cutting the benchmark U.S. interest rate by 3.25 percentage points since September, the most aggressive reductions in two decades. A housing slump has pushed up the cost of credit and driven the economy to the brink of a recession.
''The substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidity, should help to promote growth over time and to mitigate risks to economic activity,'' said Pianalto, who is a Federal Reserve Open Market Committee voter on interest rates this year.
The economy grew at a 0.6 percent annual rate over the last two quarters, the slowest pace since the 2001 recession. At the same time, prices rose 4 percent in the 12 months to March, after a year-over-year gain of 4 percent in February.
Chicago Fed President Charles Evans said Monday the central bank's interest-rate stance balances out risks to both growth and inflation.
Get the full article here.
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