As the FOMC stated in 2012, I believe, we issued a set of exit principles in which one of the principles was that over time we sought to normalize the size of our balance sheet and to bring it down to the smallest level consistent with the efficient and effective conduct of monetary policy.
Yellen discusses the Federal Reserve's commitment to normalizing its balance sheet.
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I would expect inflation, on a year-over-year basis of this year, to shoot up to at least 3%, or slightly over, because of the tariffs.
He will oppose any tax increases on families earning under $400,000 at the same time that he will oppose keeping in place benefits that went to the wealthy.
We certainly have proposed extending the Child Tax Credit, which was immensely helpful, and we are supportive of the legislation that has gone through the House.
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