President Donald Trump and top economic advisor Larry Kudlow, director of the National Economic Council, have also called on the Fed to cut rates, though the central bank's decisions are generally made independently of political demands.
Vice President Mike Pence said that despite his bullish view of the state of the economy, he backed the president's calls for further rate cuts from the Federal Reserve.
"If things are so great, I don't understand ... At this point, people say we don't have dry powder for the next slow down. Why would we cut rates again?" Kernen asked. In the twelve month period through March, consumer prices rose just under the Fed's inflation target of 2%, according to government figures released Wednesday. The Fed tracks a different benchmark, which also remains under 2%.
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