“One reason might be that you might get less of an exchange rate effect from long-term rates than short-term rates and so that would argue for some of the tightening coming by reducing the balance sheet and not having it all be on short-term rates.” Raising short-term rates tends to boost the value of the dollar, which can slow growth and inflation. Indeed, the dollar’s surge over the past couple years as global investors have sought the safe haven of U.S. assets has slowed exports and pushed down on prices, making it harder for the Fed to get inflation and employment back to target levels. Raising long-term rates by shedding some of the long-term bonds in the Fed’s portfolio may in Rosengren’s view allow long-term rates to rise without also pushing up the dollar. Unemployment has dropped since the financial crisis, to 4.7 percent in December, suggesting, Rosengren said, the Fed is already “running the economy hot.” A further drop toward 4 percent, he said, could put the expansion in jeopardy by forcing the Fed to lift rates more aggressively in response, which could cut off growth sharply. Historically, Rosengren said, the U.S. central bank has “not been very good at slowing the economy down just a little bit.” Wages have surged recently, with average hourly earnings climbing 2.9 percent in December compared with a year earlier. Employers in the New England region have told Rosengren they are having trouble hiring workers. “This is more widespread than just the highly educated” Rosengren said, noting that he recently heard from restaurateurs who are having trouble finding qualified bakers. “Tight labor markets will be here for a while,” he said, adding he expects employers will soon have to spend more on work force development. Fed officials currently expect the central bank will raise rates three times this year, but uncertainty over whether the new Trump administration will deliver on promises of fiscal stimulus ranging from tax cuts to more spending on infrastructure make it difficult to predict how that will go, Rosengren said.
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Related Articles 1 dead, 4 others injured by apparent carbon monoxide in Minnesota ice house A pitch for the city of Fairfax to lease and operate the course was rejected in November. DNR officials doubted the proposals revenue projections. Those proposed revenues included alcohol sales, which isnt allowed in state parks under state law, and motorized golf cart rentals, which the DNR worried would damage the historic site. Bills chief authored by Rep. Tim Miller, R-Prinsburg, and Sen. Andrew Lang, R-Olivia, propose to require the DNR lease the course to the city and allow golf carts and alcohol sales. The bill dictates that the city have the option to operate the course for at least 10 years. It also limits the DNR to a lease rate of not more than 8 percent of the courses greens fee revenues. The bill also mandates that the upper level of the parks chalet be leased to the city as a golf clubhouse and that golfers not be required to obtain a park permit to use the golf course. The Senate bill is co-authored by two Republicans and one DFLer. Five Republican representatives and DFL Rep.browse around here
For the original version including any supplementary images or video, visit http://www.twincities.com/2017/01/20/lawmakers-join-fight-to-save-minnesotas-only-state-park-golf-course/amp/