Fed’s Kaplan says infrastructure spending is a ‘positive’

(Reuters) – On the day the Biden Administration announced a $2 trillion 10-year spending plan to build roads and bridges among other capital projects, Dallas Federal Reserve Bank President Robert Kaplan on Wednesday broadly endorsed the idea as a “positive” for the economy.

“The nice thing and the desirable thing about infrastructure spending is that it is a long-term investment,” Kaplan told Bloomberg Television, without referring directly to the details of the package. “It should help in future create higher potential GDP growth, higher sustainable growth, better productivity.”