TechFlow news — On January 13, according to Jinshi Data, former Federal Reserve Vice Chair for Supervision Randal Quarles stated that even if President-elect Trump takes office, the Fed's independence, inflation, and the labor market will not be threatened. Speaking on the sidelines of a forum on Monday, Quarles said, "There is considerable misunderstanding about the Fed's independence. Independence doesn't mean the president can't express views on Fed policy." Appointed by Trump, Quarles served as vice chair for supervision until 2021. He argued that tariffs themselves should not lead to inflation and could, on the margin, even prompt the Fed to cut rates. Quarles also predicted that a large number of undocumented immigrants would be deported after Trump’s inauguration, but emphasized this would not impact the labor market. These remarks came ahead of a highly anticipated CPI report, which may show only a modest slowdown in underlying U.S. inflation at the end of 2024 amid strong job markets and solid economic growth—potentially reinforcing the Fed's cautious stance on further rate cuts.
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