"I'm disagreeing with that framework", Rosengren said at the Global Interdependence Center in San Diego, referring to the Fed's "balanced" approach to achieving a 2-percent inflation target and full employment.
Career Treasury Department staffers were "fully engaged" in the process of analyzing a Republican tax bill, and denied that political appointees had taken over the process, according to a government watchdog inquiry. "While the fact that inflation is below the [Federal Open Market Committee's] 2% objective argues for patience, I think that is more than offset by an outlook of above-trend growth, driven by accommodative monetary policy and financial conditions, as well as an increasingly expansionary fiscal policy", Mr. Dudley said.
The figure is an $11.7 billion, or nearly 13%, drop from the Fed's 2016 payment to the Treasury, which was $91.5 billion.
After covering its own expenses, the US Federal Reserve transfers each year to the Ministry of Finance its remaining funds, which are used to reduce the budget deficit.
For the long term, he warned not only of the costs the tax cuts will impose on the deficit but also damage down to high-end housing by elimination of state and local property tax deductions.
China's chronically high trade surplus with the U.S. hit a record level in 2017, adding fuel to Trump administration criticisms about Chinese trade practices just as it weighs a range of penalties and other actions to curb the imbalance.
Federal Reserve Bank of New York President William Dudley said there is still a robust case to support interest-rate increases amid risks the economy could overheat, while warning that the new tax bill could present problems over time.
A sharp rise in underlying inflation last month was not enough to convince at least one Federal Reserve policymaker that further interest rate hikes will soon be needed to keep a lid on rising prices.
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