The new GOP tax law will take pressure off the Federal Reserve despite skepticism from some central bankers, the chairman of President Donald Trump’s Council of Economic Advisers said Monday.
Minutes from the Fed’s December meeting on multiple occasions noted that officials remained unsure over just how much of a boost in activity would come from the tax cuts.
Members were “quite uncertain” about the impact the tax plan would have on the labor supply. There also was concern that the tax windfall corporations would get would be spent on dividends and share buybacks.
