The Federal Reserve risks dragging down the US’s recovery by increasing interest rates while cutting back its own multi-trillion dollar balance sheet, a top Fed official has warned.
James Bullard, the St Louis Fed president and one of a handful of doves in the Fed system, said lifting rates four times in 2018 could drive down inflation — especially when the central bank’s programme of reducing its asset holdings is becoming “more and more forceful”.
The central bank began gradually unwinding its $4.5tn balance sheet in October last year.
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