Vice President Mike Pence speaks at the Hudson Institute in Washington, D.C.on Thursday, Oct. 4, 2018
Joshua Roberts | Bloomberg | Getty Images
Vice President Mike Pence believes the Federal Reserve should look to cut its benchmark interest rate due to the continued growth of the U.S. economy.
“I think it might be time for us to consider lowering interest rates,” Pence told CNBC’s Eamon Javers on Friday. “We just don’t see any inflation in this economy at all.”
“There’s no inflation here,” Pence said.
He also added the idea that Fed perhaps should focus on a single mandate, maximizing employment, to make monetary policy, instead of the dual mandate that also includes low inflation. Pence added that a single mandate is not something he and President Donald Trump have talked about.
“We’re seeing jobs being created all over the country … [and that] should be an encouragement to every American and also to people that operate our monetary policies,” Pence said.
Trump is also looking to fill a vacant seat on the Federal Reserve board but, so far, the nominees he has considered have all withdrawn. Conservative pundit Stephen Moore was the latest to step back from Fed consideration on Thursday, following the same path as Herman Cain, who withdrew last month.
“I think the president is very interested in bringing fresh ideas to the Federal Reserve board,” Pence said.
This story is developing. Please check back for updates.
from Viral News Reports http://bit.ly/2JdkwLV
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