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Fed Deputy Clarida says the global economic outlook has deteriorated



Federal Reserve Deputy Richard Clarida said Friday the global economy has deteriorated over the past month.

"Obviously, the world economy has deteriorated since our July meeting," Clarida told CNBC's Steve Liesman on Friday from the Fed's economic political symposium in Jackson Hole, Wyo. "The world economy is declining, and there is heavy disinfection pressure."

However, Clarida said that the US economy is "in a good place," adding that he does not see an increased recession risk.

"I think you have to look at a wide range of indicators, but the ones I'm focusing on don't signal an increased risk of a recession," Clarida said. "My guess is that next year the economy will be at or above trend growth under appropriate policies."

Stocks plunged on Friday as the high stakes trade war between the United States and China grew even larger, with the Dow Jones Industrial Average tumbling as much as 745 points. The critical spread between 1

0-year government yields and 2-year returns also reversed amid market turmoil, sending a warning of recession.

Richard Clarida

Scott Mlyn | CNBC

China promised to retaliate with tariffs for $ 75 billion more of US goods and resume customs duties on US cars and components. President Donald Trump backed China's countermeasures, saying he was ordering US companies to immediately start looking for an alternative to China.

Trump also lashed out at Fed chairman Jerome Powell again, this time questioning whether he is a "bigger enemy" to the United States than Chinese President Xi Jinping.

Powell said in his annual comments at the symposium that the global economic outlook "has deteriorated" and there is no "rule book" on trade wars. He promised that the Fed "will act as appropriate to sustain enlargement."


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