Goodfriend made the remarks at his nomination

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WASHINGTON Mike McGlinchey Youth Jersey , Jan. 23 (Xinhua) -- U.S. Federal Reserve Governor nominee Marvin Goodfriend said on Tuesday that the current Fed policy is "more or less on the right path," suggesting that he might support the current pace of gradual monetary normalization.

Goodfriend made the remarks at his nomination hearing at the Senate Banking, Housing and Urban Affairs Committee.

Goodfriend, an economics professor at Carnegie Mellon University, has warned of the risks of rising inflation although the unemployment rate remained at high levels.

On Tuesday Richard Sherman Youth Jersey , he defended his view on inflation, saying that "the essence of Federal Reserve's position to stimulate the economy was based on years of generated credibility for anchoring long-run inflation... to drive unemployment down."

Goodfriend expected inflation to rise to the central bank's 2-percent target "in a year or so."

Personal consumption expenditure price index, an inflation gauge preferred by the Fed, rose 1.8 percent in November last year, higher than the 1.6-percent growth in the previous month.

He expressed regret for calling the Fed's dual unemployment and inflation goals "incoherent Jimmy Garoppolo Youth Jersey ," saying he supported the dual mandate.

In November last year, President Donald Trump nominated Goodfriend for the post of the governor of the Federal Reserve Board.

Before his career as economics professor, Goodfriend was senior economic advisor at the Reagan administration and director of research at the Federal Reserve Bank of Richmond.



BRUSSELS, Jan. 24 (Xinhua) -- The European Union (EU) has finedU.S. smartphone chip supplier Qualcomm 997 million euros (1.23billion U.S. dollars) for abusing its market dominance, as itsactions were found illegal under EU anti-trust rules Mitch Wishnowsky Youth Jersey , the EuropeanCommission said on Wednesday.

Qualcomm is the world's largest supplier of long-term evolution(LTE) baseband chipsets, which enable smartphones and tablets toconnect to cellular networks and are used both for voice and datatransmission.

The Commission said Qualcomm illegally shut out rivals from themarket for LTE baseband chipsets for over five years, therebycementing its market dominance.

"Qualcomm paid billions of U.S. dollars to a key customer,Apple, so that it would not buy from rivals Jalen Hurd Youth Jersey ," said MargretheVestager, EU commissioner in charge of competition policy.

These payments were not just reductions in price, they were madeon the condition that Apple would exclusively use Qualcomm'sbaseband chipsets in all of its iPhones and iPads, Vestagersaid.

In 2011, Qualcomm signed an agreement with Apple Deebo Samuel Youth Jersey , committing tomake significant payments to Apple on the condition that thecompany would exclusively use Qualcomm chipsets in its iPhone andiPad devices. In 2013, the term of the agreement was extended tothe end of 2016.

The agreement made clear that Qualcomm would cease thesepayments if Apple commercially launched a device with a chipsetsupplied by a rival company.

"This meant that no rival could effectively challenge Qualcommin this market, no matter how good their products were. Qualcomm'sbehavior denied consumers and other companies more choice andinnovation and this is a sector with a huge demand and potentialfor innovative technologies. This is illegal under EU antitrustrules," she added.

Other chip manufacturers active in this market, such as Intel --the largest supplier for chipsets used in computers -- has tried tochallenge and compete with Qualcomm for customers.

Internal documents show that Apple seriously consideredswitching part of its baseband chipset requirements to Intel.However Nick Bosa Youth Jersey , because of Qualcomm's exclusivity condition, Apple decidedagainst doing so until the agreement came to an end.

The Commission opened its investigation in July 2015 and sent astatement of objections to Qualcomm in December, followed by aletter sent in February 2017 setting out additional factualelements relevant to the final decision.

The fine represents 4.9 percent of Qualcomm's turnover in2017.

Qualcomm said in a press release on Wednesday that it stronglydisagreed with the European Commission's decision and wouldimmediately appeal it to the General Court of the EuropeanUnion.

"We are confident this agreement did not violate EU competitionrules or adversely affect market competition or Europeanconsumers," said Don Rosenberg, executive vice president andgeneral counsel of Qualcomm. "We have a strong case for judicialreview and we will immediately commence that process." Enditem
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