Speeches, Interviews, Essays

“As the banking system continues to evolve, we must ensure that supervision and regulation keeps up with those changes and are appropriate for the underlying risks. Over the coming months and years, it will be crucial to examine new risks to the banking system and whether and how the real economy, including consumer needs and…

Transcript not yet available – excerpts from various print publications are below. Fed Funds Federal Reserve Governor Christopher Waller said “we’ve still got a ways to go” before the US central bank stops raising interest rates, despite good news last week on consumer prices. At the same time, policymakers can start considering whether to downshift…

Fed Funds “I think it will probably be appropriate soon to move to a slower pace of increases, but I think what’s really important to emphasize, we’ve done a lot, but we have additional work to do both on raising rates and sustaining restraint to bring inflation down to 2% over time … it makes…

Fed Funds “We have moved rates up expeditiously this year, starting from a very accommodative stance to a stance that is becoming restrictive. The focus had been on how quickly we could get to that restrictive stance. Now the focus can shift to the appropriate level of restrictiveness that will return the economy to price…

“Today’s economic conditions are complex, but they can be summarized in five words: Inflation is much too high.” “Not only is inflation far above the FOMC’s 2 percent target, but with aggregate demand continuing to outstrip supply, inflation has repeatedly come in higher than forecasters expected. This morning’s CPI [Consumer Price Index] data were a…

Fed Funds “In the upcoming months, in light of the cumulative tightening we have achieved, I expect we will slow the pace of our rate hikes as we approach a sufficiently restrictive stance. But I want to be clear: A rate hike of 50 basis points would still be significant. Since 1983, the FOMC has…

11/10/22 – CPI Report “So let’s talk about the numbers that came out today. It was indeed good news that inflation moderated its grip a bit. And the focus I’ll draw really is on core inflation, which, as you said, was 6.3% over the year coming down from its 6.6% … So it’s come down…

Rates – How High: “While it is tempting to speculate on how high rates might need to go, the degree of tightening necessary will only be determined by observing the dynamics of the economy and inflation and cannot be predetermined by theory or pre-pandemic benchmarks … Some have argued that a minimum standard for a…

Fed Funds “So at the next meeting, which is mid-December, I don’t know what we’re going to do. There’s a lot of talk in the public about might we raise rates by 50 basis points? Might we raise rates by 75 basis points? Those are certainly going to be on the table, but could it…

“This analysis and related studies imply three criteria for well-anchored inflation expectations: “sensitivity,” “level,” and “uncertainty.” Let me take each in turn.” “The sensitivity criterion states that although near- and medium-term inflation expectations may respond to economic shocks, expectations of inflation far in the future should not. Well-designed monetary policy will generally allow for some response to…