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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

    l Dudley, former

    ▓ 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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    d China ▓a "man

    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

    ong" with Trum

    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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    cy adjustment

    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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    d state explic

    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

e," he said in p

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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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w tariff exemption pro

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