Business Economists See Elevated Inflation Risk

March 30, 2021
NABE releases economic policy survey.

The National Association for Business Economics (NABE) releases its March Economic Policy Survey, which indicates that nearly half of participating panelists expect the Federal Reserve to raise its short-term interest rate target in 2022 – but nearly as many expect the Fed to keep its current target until 2023 or later. The survey summarizes the responses of 205 NABE members.

“About two-thirds of survey respondents believe greater fiscal and monetary policy coordination is desirable, and a majority of panelists believes that inflation risks are higher than in the past two decades. More than 70% believe the current stance of monetary policy to be ‘about right,’ but one in four respondents views current Fed policy as ‘too stimulative,’” says NABE President Manuel Balmaseda, CBE, chief economist, CEMEX.

“Seventy percent of respondents believe that economic policy should do more to mitigate climate change, while 55% believe that the federal government should enact a broad-based energy or carbon tax to boost government revenue,” adds Survey Chair Ilan Kolet, institutional portfolio manager, Fidelity Investments. “Almost two-thirds of respondents indicate the current  fiscal deficit should be addressed by enacting structural policies to stimulate stronger economic growth, while more than one-third also favor exercising greater spending restraint or increasing tax revenue.”

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