P.M. BRIEFING : Fiscal Easing Unwarranted: U.S.
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TOKYO — The United States’ second-quarter gross national product figures do not justify an easing of monetary policy, Federal Reserve Gov. John P. LaWare said today.
LaWare also dismissed fears of recession.
In Tokyo to attend a banking conference, LaWare was asked if the GNP data released a week ago would justify easing monetary conditions.
“Certainly not, based just on second-quarter indicators,” LaWare said, adding that the Fed was not unhappy with the second-quarter data.
“We were not unhappy with the second quarter GNP (of 1.2%) as reported.” He added: “But we really won’t know until we get the final numbers.”
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