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In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed is still a long way away from its 2% inflation target, says former Fed Governor MishkinJason Furman, former CEA chairman and Frederic Mishkin, former Federal Reserve governor, join 'Closing Bell Overtime' with reaction to the Federal Reserve's decision to pause rate hikes this month.
Persons: Mishkin Jason Furman, Frederic Mishkin Organizations: Federal Reserve, Federal
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed should raise another 50 basis points this year, says former CEA Chair Jason FurmanJason Furman, former CEA chairman and Harvard Kennedy School professor, joins 'Squawk Box' to discuss the Fed's rate hike campaign, why he believes interest rates should rise another 50 basis points over the course of the year, and more.
Persons: Jason Furman Jason Furman Organizations: Harvard Kennedy School
Biden and McCarthy finally reached a deal to raise the debt ceiling on Saturday night. The deal strengthens work requirements on welfare programs and codifies the end of the student-loan payment pause. The deal also alters Supplemental Nutrition Assistance Program work requirements for those between 18-54 who do no not have children and are able to work. The financial intelligence agency added that the new work requirements for income support programs could additionally result in tens of thousands of lost jobs. Still, it's vital a bill to raise the debt ceiling gets signed into law because a default could mean a recessions — and millions more jobs lost as a result.
Saul Loeb | AFP | Getty ImagesWASHINGTON — Former Federal Reserve Chair Ben Bernanke, who guided the central bank and the U.S. economy through the Great Recession, thinks central bankers still have work to do to bring down inflation. Since leaving the Fed in 2014, Bernanke has been a distinguished senior fellow at the Brookings Institution. watch nowTheir paper notes that inflation has evolved since ballooning to a 40-year high in the summer of 2022. In a forum Tuesday presented by the Brookings Institution, Bernanke, Blanchard and other high-profile economists and academics discussed the root causes and what policymakers should do as they review policies for the future. The Fed only began raising interest rates in March 2022, a full year after its preferred inflation gauge eclipsed the target.
Persons: Ben Bernanke, Saul Loeb, Olivier Blanchard, Bernanke, Blanchard, Jason Furman, I'm, Organizations: Federal Reserve, Thomas Laubach Research, Federal Reserve Board, AFP, Getty Images WASHINGTON, Former Federal, Fed, Brookings Institution, Peterson Institute for International Economics, of Economic Advisers, Harvard Locations: Washington , DC, U.S
Student loan debt has ballooned to over $1.6 trillion for more than 45 million borrowers. In order to help working and middle-class American borrowers the Biden administration in August announced a three-part plan to forgive a portion of student loans for borrowers. It points to the fact that the Heroes Act of 2003 grants the U.S. secretary of education the authority to waive regulations related to student loans during national emergencies. Federal student loan payments won't resume until the end of August, unless the litigation over the Biden administration's student loan forgiveness plan is resolved sooner. Watch the video above to find out more about what's at stake in the student loan forgiveness battle.
Will The U.S. Economy Pull Off a ‘Soft Landing’? The soft, the hard and the grayThere isn’t any standard definition of an economic soft landing. But what’s an acceptable inflation rate? On the other side, policymakers used to believe that an unemployment rate below 4 percent was basically unattainable without runaway inflation. Unless we have a really, really hard landing, the overall story of the postpandemic economy will be one of remarkable resilience.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDebt limit 'brinksmanship' has a cost and is completely unnecessary: former CEA Chair Jason FurmanGlenn Hubbard, former Council of Economic Advisers chairman and Columbia Business School professor, and Jason Furman, former CEA chairman and Harvard Kennedy School professor, join 'Squawk Box' to discuss the Fed's rate hike campaign, the latest on debt ceiling standoff, and more.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. Fed Vice Chair Alan Blinder calls the debt ceiling a 'storm' Powell shrugged offFmr. CEA Chair Jason Furman and Fmr. Fed Vice Chair Alan Blinder, join 'Closing Bell: Overtime' to discuss their takeaways from the Fed meeting and their forecast for the economy.
Her comments were echoed by others who feel the narrative shared by three top central banks of relatively cost-free disinflation rests on shaky ground. Among the Fed, ECB and BoE, only the British central bank projects a recession will be needed to slow inflation - only a mild one at that. U.S. central bank officials have split the difference, projecting a modest one-percentage-point rise in the unemployment rate this year from its near-historic low of 3.5%, and slow, but continued, economic growth. Martins Kazaks, Latvia's central bank chief, said the risk of a recession was still "non-trivial," with a host of factors still putting pressure on prices. For the Fed, different policymakers offer different ideas about the forces that will lower inflation as high interest rates slowly cool demand.
Her comments were echoed by others who feel the narrative shared by three top central banks of relatively cost-free disinflation rests on shaky ground. Among the Fed, ECB and BoE, only the British central bank projects a recession will be needed to slow inflation - only a mild one at that. U.S. central bank officials have split the difference, projecting a modest one-percentage-point rise in the unemployment rate this year from its near-historic low of 3.5%, and slow, but continued, economic growth. Martins Kazaks, Latvia's central bank chief, said the risk of a recession was still "non-trivial," with a host of factors still putting pressure on prices. For the Fed, different policymakers offer different ideas about the forces that will lower inflation as high interest rates slowly cool demand.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed made the right move to dial back rate hikes: Former CEA Chair Jason FurmanJason Furman, former chair of the Council of Economic Advisers and Harvard economics professor, joins 'Squawk Box' to discuss his current thoughts on the Federal Reserve and more.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed should hike interest rates by 50 basis points next meeting, says Harvard’s Jason FurmanJason Furman, professor at the Harvard Kennedy School of Government and former CEA chair, joins CNBC's 'Squawk Box' to discuss the latest job reports, what we should expect from Fed regarding rake hikes, and more.
Biden's increasing emphasis on the deficit now doesn't mean the White House sees an imminent crisis looming from the nation's $32 trillion debt. Instead, the White House hopes to draw a sharp contrast with Republican threats to refuse to raise the debt limit without sharp spending cuts. Including this fiscal plan in Biden's agenda can help shore up his economic credibility before his expected 2024 re-election campaign, the White House believes. That doesn't mean that what the White House is proposing is going to happen, of course. Reuters GraphicsNearly six in ten people told Pew Research Center in January that reducing the deficit should be a top Biden administration priority.
American labor shortage is a rose with many thorns
  + stars: | 2023-03-07 | by ( Ben Winck | ) www.reuters.com   time to read: 1 min
WASHINGTON, March 7 (Reuters Breakingviews) - The short supply of US workers is starting to look more permanent than temporary. In this Exchange podcast, former White House economist Jason Furman explains how near-record job openings could lift prices, and why unemployment probably needs to rise for inflation to cool off. /div>Listen to the podcastFollow @BenWinck on TwitterSubscribe to Breakingviews' podcasts, Viewsroom and The Exchange. Editing by Thomas ShumOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. Council of Economic Advisors Chair Jason Furman breaks down his op-ed's call for a more hawkish FedJason Furman, fmr. Council of Economic Advisors chair, joins 'Closing Bell: Overtime' to discuss his reasoning for the Fed to go faster and higher with its rate hikes.
In her more than eight years as a Federal Reserve official, Lael Brainard was an influential voice, particularly for the side that favored keeping monetary policy loose and interest rates low. "Brainard's departure from the Fed leaves a dove-sized hole in its monetary policy," Beacon Policy Advisors wrote in its daily newsletter Wednesday. Indeed, Brainard's influence only accelerated the longer she served as a Fed governor. Her subsequent appointment in 2022 as vice chair solidified her influence, installing her as part of the "troika" of policy-directing power that includes current Chairman Jerome Powell and New York Fed President John Williams. Some candidates outside the Fed ranks, according to Guha, include Karen Dynan, Jason Furman, Janice Eberly and Christina Romer, all of whom served under former President Barack Obama (and his vice president, Biden).
Factbox: Some potential successors to Brainard at the Fed
  + stars: | 2023-02-14 | by ( ) www.reuters.com   time to read: +6 min
Meanwhile, analysts and Fed observers are already swapping notes on potential replacements for Brainard at the Fed from a bench of economists aligned with Biden's Democrats, who control the U.S. Senate. MARY DALYDaly is president of the San Francisco Fed, ascending to that position in 2018 after 22 years at the regional Fed bank, including a stint as its director of research. Furman has been a prominent, Twitter-savvy commentator on macroeconomic and Fed policy. He has a PhD from the University of Virginia and served as a Fed economist for a little over a year in the mid-1990s. With a PhD from Stanford University, he's held staff positions at the Fed board and the San Francisco Fed, where he also served as president before moving to the New York Fed role in 2018.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStock futures trade flat after January inflation shows 6.4% annual increaseNada Eissa, former Deputy Assistant Treasury Secretary under George W Bush and associate professor at Georgetown University, and Jason Furman, Harvard Professor and former Chairman of The White House Council of Economic Advisers under President Obama, join 'Squawk Box' to discuss economic conditions impacting CPI, potential Fed response to the CPI numbers, and Fed and market outlooks aligning.
A recession is far from inevitable, says Harvard's Jason Furman
  + stars: | 2023-01-23 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA recession is far from inevitable, says Harvard's Jason FurmanJason Furman, professor at the Harvard Kennedy School of Government and former CEA chair, joins CNBC's 'Closing Bell' to discuss the factors increasing the chances of a soft landing, monetary policy expectations for next week's meeting, and getting inflation under control giving continued wage growth.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFour experts break down December's better-than-expected jobs reportTyler Goodspeed, Cato Institute adjunct scholar and former acting CEA chairman, Jason Furman, professor at the Harvard Kennedy School of Government and former CEA chair, Liz Young, head of investment strategy at SoFi, Nela Richardson, ADP chief economist, and CNBC's Steve Liesman and Rick Santelli join 'Squawk Box' to react to the December jobs report.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets need to prepare for an 'incomplete hard landing,' says Harvard's Jason FurmanJason Furman, professor at the Harvard Kennedy School of Government and former CEA chair, joins CNBC's 'Squawk Box' to discuss why he expects the Federal Reserve to raise interest rates by 50 basis points in December.
What to expect from Fed's last meeting of 2022
  + stars: | 2022-12-05 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat to expect from Fed's last meeting of 2022Jason Furman, professor at the Harvard Kennedy School of Government and former CEA chair, joins 'Closing Bell' to discuss expectations for this year's final Fed meeting, findings from the recent jobs report, and core wage growth's translation into realized inflation.
The US is currently set to hit the federal debt ceiling once again next year. Historically, raising the debt ceiling was a fairly uncontroversial move taken by Congress every couple years as needed. Before the midterms, Republicans were already suggesting that they would use the upcoming debt ceiling fight to push for spending cuts, according to the Washington Post. They could repeal the debt ceiling outright, although that is unlikely given Biden and other prominent Democrats like Sen. Bernie Sanders have ruled that out. If one wanted to be patriotic, the new debt ceiling could be $7.41776, commemorating the date of the signing of the Declaration of Independence.
The US unemployment rate rose to 3.7% in October, but it remains near the lowest level in the past 50 years. While the most recent layoffs, for instance, have yet to be reflected in most up-to-date economic data, the US economy is far from shedding jobs. That's because the unemployment rate is expected to tick up during the recession that could be on the horizon. The Fed is projecting the unemployment rate to climb in 2023 from 3.7% to 4.4%, which would lead to roughly 1.5 million Americans losing their jobs. Bank of America is projecting the unemployment rate to reach 5.5% by the end of next year.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMy concern about inflation is the drivers, says fmr. deputy assistant Treasury sec. Nada EissaJason Furman, former chairman of the Council of Economic Advisers, and Nada Eissa, former deputy assistant Treasury secretary under George W. Bush join ‘CNBC: Business on the Ballot’ to discuss inflation and the economy.
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