(Bloomberg) -- The Federal Reserve isn’t buying President Donald Trump’s argument that his tax cut package will lead to a significantly stronger, sustainable expansion of the economy.
While the central bank would welcome such a development, outgoing Fed Chair Janet Yellen suggested on Wednesday that policy makers generally see the plan as having a modest and mostly short-term impact.
“It’s not a gigantic increase in growth,” she told a press conference after the Fed raised its target for short-term interest rates for the third time this year.
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