The Federal Reserve's influence on economic conditions beyond U.S. borders ...
JACKSON HOLE, Wyo. - The Federal Reserve’s influence on economic conditions beyond U.S. borders may be bigger than it thinks, according to research that will be presented at the central bank’s conference on Saturday.
The research uses data on demand for Treasuries that would seem to refute Fed Chair Jerome Powell's 2018 statementthat"the role of U.S. monetary policy" in setting the global market conditions that can help or hurt economic growth"is often exaggerated." The Fed was raising rates back then but last month cut borrowing costs for the first time in more than a decade to prevent a slowdown.
Strong desire to buy U.S. assets to seek shelter from an uncertain world has been a key theme this year. The U.S.-China trade war and a teetering global economy caused investors to gobble so many 30-year Treasury bonds in recent days that yields sank to a record-low 1.916%.
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