SDNY COURT / NYC,
June 24 – When
the International Monetary
Fund's Managing Director
Kristalina Georgieva took a
half-dozen questions on June
24 about the IMF's Article IV
review of the United States
economy, Inner City Press
asked her about Federal
Reserve transparency and
antitrust enforcement. Video
here.
The Article
IV Concluding Statement on the
US said, among other things,
"Changes to strengthen the
Federal Reserve’s
communication tools would
carry a high payoff in the
current conjuncture. In
particular, as an alternative
to the Summary of Economic
Projections, the Federal
Reserve could begin
publishing, at each policy
meeting, an internally
consistent economic projection
and rate path, produced by Fed
staff and potentially endorsed
(or 3 otherwise
recognized) by the FOMC. The
Federal Reserve could also
usefully clarify in its
Statement on Longer-Run Goals
and Monetary Policy Strategy
how the policy framework now
applies in an environment
where inflation has moved well
above 2 percent."
Inner City
Press specifically asked about
the Fed's communications in
advance of its recent interest
rate increase of 75 basis
points. Georgieva said that
the IMF applauded the move;
her staff said that, yes,
communications could always
improve.
In response
to Inner City Press' question
about antitrust enforcement,
referencing two large proposed
bank mega-mergers (Bank of
Montreal to buy BNP Parisbas'
Bank of the West, and Toronto
Dominion to buy First Horizon
- issues exist on each)
IMF staff and M-D said that
corporation concentration in
the US and elsewhere is
becoming a problem.
We'll have more
on this.
***
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