Yellen Isn’t Buying Trump’s Talk of an Economic Miracle From Tax Cuts
- Outgoing Fed chief doesn’t see “gigantic” rise in economy
- Fed lifts 2018 growth call but holds long-term estimate steady
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The Federal Reserve isn’t buying President Donald Trump’s argument that his tax cut package will lead to a significantly stronger, sustainable expansion of the economy.
While the central bank would welcome such a development, outgoing Fed Chair Janet Yellen suggested on Wednesday that policy makers generally see the plan as having a modest and mostly short-term impact.