Speeches, Interviews, Essays

Brief welcome remarks, the economy and monetary policy were not covered.

Presentation Fed Funds “Continued policy rate increases can help lock in a disinflationary trend during 2023, even with ongoing growth and strong labor markets, by keeping inflation expectations low.” Speech/Interview Transcript GDP “3% is a good number for real GDP growth. A long run trend growth rate for the US economy is only 2%. So…

“In my remarks today, I will briefly discuss four topics. First are the implications of evolving technologies and their impacts on the cyber risk landscape. Second, I will discuss how customer demand for innovation and personalized products has increased reliance on third parties. Third, I will cover the recently effective computer security notification rule, and…

Inflation Regarding the January’s CPI print earlier in the day: “It’s about as expected. Inflation’s normalizing, but it’s coming down slowly and I just think there’s going to be a lot more inertia, a lot more persistence to inflation than maybe we’d all want.” “We’re going to get a PCE at the end of the…

Fed Funds “But rates are now at a level that allow us to slow down and proceed cautiously and, to my mind, the days of us raising 75 basis points at a time have surely passed. Just at the last meeting, I voted for a hike of 25 basis points — what some would call…

“Lael Brainard submitted her resignation February 14, 2023 as Vice Chair and a member of the Federal Reserve Board, effective on or around February 20, 2023. She has been a member of the Board since June 16, 2014, and Vice Chair of the Board since May 23, 2022.”

Inflation “As tighter policy actions continue to work to restore balance to supply and demand, I expect PCE inflation to fall to 3 percent in 2023, before moving closer to our 2 percent longer-run goal in the next few years.” “Declines in commodity and goods prices will not be enough to bring inflation to 2…

Inflation “Now, there has been some progress on inflation in recent months. But the question for monetary policy is not whether there has been some progress, but rather whether the progress will continue.” “The evidence I’m looking for to gain confidence in the inflation outlook includes some further and sustained improvement in the inflation statistics,…

Pause “At our most recent meeting, we continued on that path by further increasing the target range for the federal funds rate by 25 basis points to 4½ to 4¾ percent. I expect that ongoing increases will be appropriate to bring the federal funds rate to a sufficiently restrictive level and that it will need…

“So, I realize I’ve thrown a lot of data at you. And although we are convening in a college town today, I promise there won’t be a quiz. But I am going to assign some homework. Have a look at the Consumer Finance section on the Philadelphia Fed website; you’ll find some very interesting work…