Fed’s Kaplan to CNBC: 2 More Rate Hikes for 2017, No 3 Percent Growth

Dallas Fed President Robert Kaplan reportedly predicts two more rate hikes for this year as the central bank also begins trimming its balance sheet. 

Kaplan also cast some doubt on the Trump administration’s hopes for 3 percent or better economic growth.

Kaplan sees growth likely continuing on the path of about 2 percent and not the 3 percent or more boom in gross domestic product that President Donald Trump and his economic advisors have been forecasting.

“Two things drive GDP: growth in the labor force and growth in productivity,” he told CNBC. “The problem is labor force growth is very sluggish. And my own judgment and our economists at the Dallas Fed think it’s going to continue to be sluggish the next 10 years because the population is aging and labor force growth therefore is slowing,” he said.

Kaplan predicts two more interest rate increases in 2017 and a start



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