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Fed chair Janet Yellen says Trump's 3% US growth target will be challenging

The US president predicated an earlier tax plan on reaching the proposed figure

Reuters  |  Washington 

It would be "quite challenging" for the United States to reach the 3 percent growth target set by President Donald Trump, Federal Reserve Chair Janet Yellen told a Senate panel on Thursday in a hearing focused on regulatory reform and a discussion of lagging productivity. Trump has pledged to boost annual growth to 3 percent, the average for much of the last 70 years, and predicated an earlier tax plan on reaching that figure. The Fed, the Congressional Budget Office and others feel that an ageing population and lagging productivity mean the economy's potential has ...

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First Published: Thu, July 13 2017. 23:04 IST