Fed's Kaplan says U.S. needs 'intelligent' fiscal policy

WICHITA FALLS, Tex. (Reuters) - Saying the coming year under a new U.S. president will be one of "changes" for economic policy, Dallas Federal Reserve Bank President Robert Kaplan on Monday called for "intelligent" fiscal policy to boost growth over the long term.

"We are underinvested in infrastructure," Kaplan said at an economic forum hosted by the Wichita Falls Chamber of Commerce. But investments should not just bring forward future spending to the present or simply "balloon" the national debt, Kaplan said. President-elect Donald Trump has promised infrastructure spending to create roads, bridges and tunnels that are "second to none."

Kaplan also said that trade, which Trump has suggested he will restrict, has boosted U.S. jobs.

(Reporting by Ann Saphir; Editing by Andrea Ricci)

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