Raising interest rates ‘won’t be enough’ to control inflation, US economy: Mick Mulvaney

Former White House chief of staff Mick Mulvaney joined "Mornings with Maria," Wednesday, and argued that the Fed raising interest rates "won’t be enough" to control inflation or the U.S. economy.  

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MICK MULVANEY: I think you saw the comments from the Kansas City Fed President Bullard late last week early, this week that maybe raising interest rates is not enough. I think [it] doesn't get nearly enough attention…despite all the conversation about inflation over the last, you and I have been talking about it, for what now, more than a year. The Fed has continued its quantitative easing. It's still buying mortgage-backed securities, it’s still buying treasuries. It's still expanding its balance sheet, and I give credit to Mr. Bullard for at least raising the issue of when do we start to see that decline?

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When do we start to see them stop pumping money into the system? Interest rates are one tool that the Fed has. But certainly when you were raising interest rates, but you're still expanding the balance sheet, it's not going to have the same impact. So I'm glad the discussion has finally turned serious, it seems, about getting inflation under control because I don't think raising interest rates is going to be enough. 

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