U.S. CAN BE NEXT
As the Fed winds down its economic stimulus, former US Treasury Secretary Lawrence Summers says the country's next economic booster could be exporting its fossil fuels around the globe, a move that could make America the next Saudi Arabia.
"The United States has the chance to be to the energy economy of the next decade what Saudi Arabia has been for the last two to three decades," Summers said on Saturday. "The effect of allowing oil exports ... would reduce rather than increase American gasoline prices."
Summers, known for his outspoken views about what he describes as a disappointing US economic recovery, made his remarks at the annual American Economics Association conference.
Meanwhile, at the same conference, Boston Federal Reserve President Eric Rosengren said low inflation rates across the world and only small amounts of wage and price pressure in the United States should force the Federal Reserve to move slowly as it pulls back on its accommodative monetary policy.
Rosengren repeated his call for the US central bank to take its time in establishing more normal policy after years of stimulus to boost the economy.
"I believe the continued very low core inflation and wage growth numbers provide ample justification for patience," Rosengren said. "A patient approach to policy is prudent until we can more confidently expect that inflation will return to the Fed's two per cent target over the next several years."
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