Earlier Fed rate hikes will not jack up low projected borrowing costs -White House
The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid
WASHINGTON, June 16 (Reuters) – The White House on Wednesday said it did not expect the Federal Reserve’s projections for earlier post-pandemic interest rate hikes to significantly alter its own forecasts for longer-term rates and the cost of borrowing to fund planned investments.
A White House official welcomed the Fed’s forecast for 7% growth in the U.S. economy given an improved health situation, saying it showed that President Joe Biden’s push to accelerate vaccinations and get people back to work was paying off.
Fed officials on Wednesday projected an accelerated timetable for interest rate increases, beginning in 2023 instead of 2024, and said the 15-month health emergency was no longer a core restraint on U.S. commerce. read more
The White House official said the Biden administration would update…
