(Reuters) – Federal Reserve Vice Chair Richard Clarida said on Wednesday that the U.S. central bank is providing important support to the economy, and that despite “gangbuster” growth in the first quarter, the economy is still a long way from the Fed’s goals.
Asked about when the Fed should start talking about reducing its bond-buying program, Clarida told CNBC, “We don’t think so right now.”
With the true U.S. unemployment rate closer to 10%, he said, expected price rises as the economy reopens in coming months won’t likely persist into next year. “Our baseline is that we don’t overheat,” he said.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.