Federal Reserve Chairman Jerome Powell praised the performance of former central bank leader Alan Greenspan for keeping interest rates low in the late 1990s. Greenspan spotted a productivity boom, created by expanding use of computers, before it was clear in the data.
The comparison was one of the highlights as discussions kicked off on Friday at the Jackson Hole, Wyo., annual symposium of central bank officials.
While Powell said U.S. productivity has been low for a decade or longer, his comments suggest he would want to accommodate with low interest rates any rise in efficiency across the American economy. President Donald Trump’s economic advisers have argued that the administration’s tax overhaul and cuts in regulation are designed to lead to greater…
