Bill Clinton: “I don't think I should depart from my past policy of not commenting on the Fed's actions. But let me say, the evidence…”

“I don't think I should depart from my past policy of not commenting on the Fed's actions. But let me say, the evidence, if you read it, is encouraging on the inflation front. While 380,000 new jobs came into the economy in the last month--and we're now up to 3.8 million in the first 17 months of our administration--the wage levels did not go up a great deal, the working hours did not increase a great deal. It appears that, among other things, you've got a lot of young people coming in for summer jobs and more robustly than normal, and you also have some employers switching from using more overtime to actually hiring more workers as they have greater confidence that we're going to have a sustained recovery. I don't think we should do anything to undermine the recovery when we have still Americans who need jobs, we have still Americans who are working part-time who wish to work full-time, we have parts of America that have not felt the recovery, and we have no evidence of inflation. The real key is, is the economy generating real genuine substantiated fears of inflation? The answer to that is, no. If you look at the wage levels and the other indicators, we're having a growth with low inflation, really for the first time in 30 years an investment-led growth. We're leading our partners in the rate of investment, in the rate of productivity growth, in the rate of export increase. And I think we ought to keep it on that track. I don't think we should reverse course. Russia”