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The Wall Street Journal: Fed’s George says three rate hikes this year is ‘reasonable baseline’

The arrival of a surge of stimulative government spending and taxation policies at a time when the economy was already humming along increases the importance of pressing forward with interest rate increases, Federal Reserve Bank of Kansas City President Esther George said Thursday.

Because of this “uncertain” amount of fiscal stimulus, it is “important” that the Fed continue “on its current path of policy normalization, with gradual increases in the target federal-funds rate,” George said during a speech in Wichita, Kan. She noted that the Federal Open Market Committee outlook is currently eyeing about three rate rises this year and a similar amount in 2019, and said “this is a reasonable baseline unless the outlook changes materially.

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