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Fed says immigration is good for US wealth

Thursday, October 13, 2016 13:22
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The Federal Reserve may shy from hiking interest rates a week before the US presidential election in November, but that hasn’t stopped its officials from weighing into the political debate over whose views are most credible at the White House.

There is “scant evidence” that immigration costs Americans jobs, and it could actually be a source of “immense” economic growth, a top Federal Reserve official said on Thursday as he openly expressed his views on one of the most contentious issues in the US presidential campaign.

More new immigrants would help to lift the labour force participation rate, which fell during the financial crisis but has only posted modest increases even as the broader jobs market has made a dramatic recovery, Patrick Harker, the head of the Philadelphia Fed, said in prepared remarks to the World Affairs Council of Philadelphia.

The comments appear marked out to rebuke the proposed policies of presidential hopeful Donald Trump, who has made an anti-immigration policy a key pillar of his platform and vowed to build a wall across the US-Mexico border.

But Harker’s comments could fuel Trump’s criticism of the Fed as a politicised central bank. Bank policymakers have denied Trump’s accusations.

Story by ProactiveInvestors


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