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Vice President Pence says the Fed should consider lowering interest rates because of low inflation

Vice President Mike Pence speaks at the Hudson Institute in Washington, D.C.on Thursday, Oct. 4, 2018

Joshua Roberts | Bloomberg | Getty Images

Vice President Mike Pence believes the Federal Reserve should look to cut its benchmark interest rate due to the continued growth of the U.S. economy.

“I think it might be time for us to consider lowering interest rates,” Pence told CNBC’s Eamon Javers on Friday. “We just don’t see any inflation in this economy at all.”

“There’s no inflation here,” Pence said.

He also added the idea that Fed perhaps should focus on a single mandate, maximizing employment, to make monetary policy, instead of the dual mandate that also includes low inflation. Pence added that a single mandate is not something he and President Donald Trump have talked about.

“We’re seeing jobs being created all over the country … [and that] should be an encouragement to every American and also to people that operate our monetary policies,” Pence said.

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