Former Fed policymakers call for sharp U.S. rate hikes, warn of recession

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By Ann Saphir and Lindsay Dunsmuir (Reuters) – Two ex-Federal Reserve officials, now freed from having to set economic policy and be accountable for it, are warning the U.S. central bank will have to raise interest rates more than expected and the outcome could well be a recession – cautions neither voiced before leaving their posts a few months ago. The remarks this week from the Fed’s two most recent vice chairs – Richard Clarida, who until January served as one of Chair Jerome Powell’s top lieutenants for monetary policy formation and Randal Quarles, who oversaw banking regulation to the en…

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