MarketWatch First Take: Powell would sooner dismiss his colleagues than Trump’s tax cuts

This man will not demean tax cuts.

The question came quick, and Federal Reserve Chairman Jerome Powell didn’t like it one bit.

Paraphrased: If the tax cuts signed into law by President Trump are so great, why didn’t the Fed hike growth forecasts very much? Huh? HUH?

(The actual question: “Is the continued talk in Washington about tax cuts bringing growth to 3% or higher on a sustained basis overselling their potential impact?”)

See:Fed lifts rates in Powell’s first meeting, says economic outlook has strengthened

To which Powell responded, don’t pay attention to those forecasts. Or more precisely:

“The summary of economic projections is individual forecasts compiled and written down.

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