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Federal Reserve Chair Jerome Powell said the recently enacted OBBB tax package is unlikely to deliver a meaningful boost to economic growth, noting that much of the legislation simply makes existing tax provisions permanent. While acknowledging the measure could provide a modest lift, he cautioned that any stimulus would be minor over the next several years. Powell added that the Fed does not incorporate the fiscal cost of government programs into its interest-rate deliberations in order to protect the central bank’s policy independence. He described his recent White House meeting with the President as "good" and "respectful."
“When you think that the biggest part of the bill was making permanent existing law on taxes, I don’t think we see it as particularly stimulative,” Federal Reserve Chair Jerome Powell says. https://t.co/dzUxHbx2Ki
Federal Reserve's Powell Says Tax Bill Might Provide Only Small Boost; Fed Doesn't Consider Government Spending in Rate Talks to Keep Trust. Met with President, Called It a Respectful and Good Visit. 🇺🇸📊💼
Powell: Tax bill may offer limited stimulus; Fed doesn’t factor government cost into rate decisions to preserve policy credibility. Met with President—called it a good, respectful visit.
