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s on ▓InstagramPlease scan the QR Co▓de to follow us on WechatForme▓r U.S. Fed official warn▓s against central bank caving▓ in to Trump pressureForme▓r U.S. Fed official warns▓ against central bank caving in to Tru▓mp pressure

Former U.S. Fe▓d official warns against

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central bank caving in▓ to Trump pressure08-28-2019 09:07 BJTWASHINGTON, Aug. 27 -- A fo▓rmer senior official of the U.S. Federal Reserve said Tuesday that the central bank should not provide offsetting stimulus to mi▓tigate the damage t▓o the U.S. econ▓omy done by the trade

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    na, sugg▓esting that doing so would ▓possibly enable the U.S. ▓administration to exa▓cerbate the tensio▓n.Bil

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    ▓ president of the Federal Re▓serve Bank of New York from 2009 to 2018, wrote in an opinion piece publis

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    rg News that U.S. Presid▓ent Donald Trump's trade war with China "keeps undermining the confidence

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    坣d consumers, worsening ▓the economic outloo▓k" of the United States.Calling the president's tr▓ade policy towar

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    ufactured▓ disaster-in-the-making," ▓Dudley, now a senior research scholar at Prin▓ceton University's Center for▓ Economic Policy Studies, argued that the Fed should "refuse to play al

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    p, rather than "mitigate the damage by providing offsetting stimulus."That option, Dudley added, is aimed at the ultimate goal of a healthy economy, and should be seriously considered by the Fed.While noting ▓that conventional wisd▓om suggests that the Fed ▓should cut inte

    rest▓ rates in

    response to the▓ escalating trade tensions between the world'▓s top two economies, Du▓dley warned that such a ▓monetary poli

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    would possibly encou▓rage "the president to es▓calate the trade w▓ar further" and increa▓se the likelihood of a ▓recession. Thus it not only is "merely ineffectual," but also might "make things worse," he said.▓"Yet the Fed could go much further," said Dudley, who ▓has also served as vice c▓hairman of the Fe▓d's rate-setting Federa▓l Open Market Committee. "Officials coul

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    itly that the central bank won't bail out an administration that keeps making bad ▓choices on trade policy, making it▓ abundantly clear that Trump will own the consequences of his action▓s."Dudley said his advice for the Fed would

    benefit the

    U.S. economy in three ways: discouraging further escala▓tion of trade ten▓sion with China, reasserting the Fed's independence th▓at has already be▓en under siege given Trump's repetitive interference, and avoiding further rate cuts wh▓en rates are already a▓t historic l

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ow levels.Fed Chairman Jerome Powell told a conference Friday that fitt▓ing trade policy uncertainty into the central bank's policy-making framework is "a new challenge.""While monetary policy is a powerful t▓ool that works t▓o support consum▓er spending, business investment and public confi▓dence, it cannot provide a settled rulebook for international trad

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repared remarks to Kansas City Fed's annual▓ symposium in Jackson Hole, Wyoming.Dudley said h▓e sees those remark▓s by Powell "a veiled reference to the trade war, and a warning that the F▓ed's tools are not well suited to mitigate ▓the damage."Reactions on Dud▓ley's article appeared t▓o be split, according to a fo▓llow-up report by Bloomberg, with some calling the former Fed official's remarks "not o▓nly misguided but also dangerous

," and others saying h

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e was "dead right."Without taking a direct shot at Dudley's ar▓ticle, Trump, howev▓er, continued to di▓splay his longstanding dissatisfaction with the Fed by tweeting on Tuesday that the central bank has been "wrong for too long!"T▓he president has repeated▓ly demanded that the▓ Fed cut rates aggressively, citing low rates currently adopted by other countrie

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on▓ process for U.S▓. importsC

s and even recommending an exact scale of the cut -- 100 basis points."The Federal Reserve love▓s watching our manufacturers struggle with their exports to the benefit of other parts of the world," Trump said in his latest attack on▓ the institution. "Ha▓s anyone looked at what▓ almost all other countries▓ are doing to take advantage of the good old USA▓?" Please scan the QR C▓ode to follow us on Instagra▓mPlease scan the QR Code▓ to follow us on WechatChina urges U.S. to stop malicious hyping on Sout

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h China SeaChina urges U.S. to stop malicious hyping on South China Sea▓China urges U.S. to stop malicious hyping on ▓South China Sea08-28-2019 ▓08:59 BJTBEIJING, Aug. 27 -- China urges the United States to stop malicious hyping and▓ play a positiv

e and constructive role in international and regi▓onal affairs, a foreign ministry spokesperson said on Tuesday.Spokesperson Geng Shuang made the comments at ▓a daily press briefing ▓in response to the U