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Former Fed policymakers call for sharp U.S. rate hikes, warn of recession

The remarks this week from the Fed’s two most recent vice chairs – Richard Clarida, who until January served as one of Chair Jerome Powell’s top lieutenants for monetary policy formation and Randal Quarles, who oversaw banking regulation to the end of last year – rank among a small chorus of other former U.S. central bankers now offering up critiques of where Fed policy stands and is headed. Clarida, now returned to academia as an economics professor at Columbia University, said on Friday the Fed will need to raise interest rates well into “restrictive territory” to slow economic growth and curb inflation. Quarles, who has returned to the Utah-based investment firm he co-founded, chimed in earlier in the week that a recession was now “likely.”

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