As per below details US economy is not in good condition. Impact: Negative for World Economy.
White House Press Secretary Josh Earnest described Obama as "pleased" with Yellen, who he appointed to lead the Fed in 2014. It is the first time since November 2014 that the Fed chair has met with the president on her own. he backdrop is an economy showing signs that it’s hit a soft patch. Consumers, who’ve been keeping growth afloat, reined in spending at the start of 2016, with auto sales last month slumping to the lowest level in a year. Weakening demand abroad and a relatively strong dollar are causing the trade deficit to grow and companies have cut output to trim bloated inventories.
Obama and Yellen "discussed both the near and long-term growth outlook, the state of the labor market, inequality, and potential risks to the economy, both in the United States and globally," the White House said in a statement after the meeting. They also discussed Obama administration efforts to strengthen the government’s regulation of Wall Street, the statement said.
Last week, Yellen said that there had been "tremendous progress" since the recession that began in 2007, but warned that broader measures of unemployment were "higher than one would expect." While cautioning that some slack remains in the U.S. labor market, Yellen said many measures of unemployment "really suggest a labor market that is vastly improved," while speaking on a panel with three of her predecessors Thursday in New York.
The Fed raised interest rates for the first time in nearly a decade last December, but has recently signaled that it would exercise caution on additional hikes because of concerns about a flagging global economy.
Obama is increasingly seeking to burnish his legacy on financial regulation. In his weekly radio address to the nation on Saturday, Obama touted new rules unveiled last week by the Labor Department that require financial advisers to act in their clients’ best interests and new Treasury Department regulations intended to crack down on companies that attempt to avoid U.S. taxes by merging with foreign partners, called inversions.
"My administration took two big steps that will help make sure your hard work is rewarded, and that everybody plays by the same rules," Obama said.
He has lately encountered friction in Congress, though, as he tries to fill vacancies on the Federal Reserve board.
(Source from Bloomberg.com)
2024(2)
