President of the Federal Reserve Bank of New York Bill Dudley speaks during the Bank of England Markets Forum 2018, at Bloomberg, in central London, Britain, May 24, 2018.The Federal Reserve has all but exhausted its policy ammo and it's up to Congress to pick up some slack, Bill Dudley, former president of the New York Fed, said Wednesday.
"No central bank wants to admit that it's out of firepower. Unfortunately, the US Federal Reserve is very near that point," Dudley wrote in aAdditional monetary easing would do little to aid the economic recovery, and the Fed should "make it abundantly clear" that Congress and the White House need to pass fresh fiscal support, he added.
The accommodative stance has been in place for months, and Fed policymakers continue to emphasize the importance of fiscal relief in combination with monetary easing. While central bank officials signal there's more the Fed can do to support the US economic recovery, the ball is truly in Congress's court, Dudley said in an opinion column on"No central bank wants to admit that it's out of firepower.
Still, such actions "would not provide much additional support to the economy," Dudley said. The Fed's efforts tremendously aided much of the economy, but other areas untouched by monetary easing require fiscal relief. Fed Chair Jerome Powell has repeatedly noted that point in press conferences and other appearances, saying the central bank can only act as a lending power.
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thank you very much for your work
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