ON ECONOMY, BOSTON FED PRESIDENT LEANING CLOSER TO OPTIMISTS
By Colin A. Young
STATE HOUSE NEWS SERVICE
STATE HOUSE, BOSTON, JAN. 9, 2019.....The head of the Federal Reserve Bank of Boston on Wednesday advocated for the nation's central bank to be patient and wait out some of the recent volatility in the markets before charting a new course on monetary policy.
Speaking to the Boston Economic Club to give his annual economic outlook, Boston Fed President and CEO Eric Rosengren said it is critical to determine whether recent financial market sentiment -- the Dow Jones Industrial Average declined 12.5 percent from October to December -- is too pessimistic, too optimistic or about right. At the same time, economic forecasts are predicting growth "somewhat above potential," he said.
"My own assessment is closer to the relative optimism of many economic forecasters than it is to the more pessimistic outlook suggested by recent declines in financial markets," Rosengren said, according to his prepared remarks.
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