US: Three different messages from Washington DC

President Trump has argued that the US economy would get a boost if the Federal Reserve were to cut rates
The minutes of the FOMC show the members are confident about the growth outlook. The outlook for inflation, against a background of global uncertainties, allows them to be patient in terms of policy
The IMF in its latest Global Financial Stability Report expresses concern about how high debt levels weigh on the resilience when faced with significantly slower growth or higher borrowing costs
This implies that Fed policy will not only be confidently patient but also patiently vigilant

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BNP Paribas Economic Research Department is a worldwide function, part of Corporate and Investment Banking, at the service of both the Bank and its customers.

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