Speeches, Interviews, Essays

An excerpt from the interview is below. Transcript is not yet available. “We see today that there is a bit of a savings buffer still sitting for households, that may allow them to continue to spend in a way that keeps demand strong,” she said. “That suggests we may have to keep at this for…

Excerpts from the article are below. “I had interest rates in September peaking at around 4.9% in the March-April (2023) kind of time frame,” Kashkari said in the interview. “Given what I know right now, I would expect to go higher than that. How much higher than that, I don’t know.” “Four (three-quarter point hikes)…

Excerpts from the article are below. Rate Hikes and the Terminal Rate: “From here on out, I don’t think it’s front-loading anymore, I think it’s looking for the right level of restrictiveness.” “Stepping down to a pace that’s not 75 (basis points), giving the (Federal Open Market) Committee a little bit of runway to see…

Regarding Future Rate Hikes: “Well, we’ll have a lot of information before December, two more CPI’s, a PCE, another jobs report, a bunch of demand indicators, so I’m not sure I know exactly what we’re going to do in December.  But, I think, the way I think about it is, we had our foot on…

Overview: “With rates now in restrictive territory, I believe it is time to shift focus from how rapidly to raise rates, or the pace, to how high – in other words, to determining what is sufficiently restrictive. And down the road, when we get there, in my view we’ll need to shift again to focus…

Overview: “It will take time, however, for the full effects of monetary restraint to be realized, especially on inflation. That’s why we say in our statement that in determining the pace of future increases in the target range, we will take into account the cumulative tightening of monetary policy and the lags with which monetary…

GDP & Unemployment: “These broad contours are demonstrated in the FOMC’s latest summary of economic projections. The SEP dot plot shows that most FOMC participants are looking at something like another 100 to 125 basis points of rate increases this calendar year, with the median projection for the federal funds rate then rising a bit…

Jobs: “But the question then is, do we need more (rate hikes)? And in my judgment, more is needed because even if we said, wow, there’s a lot of slowing right now, 200,000 jobs. I’d just like to put it in this terms because it’s easy to understand. 200,000 jobs is about a hundred thousand…

“Now, the good news about the economy we have right now is that the job growth in those sectors of the world is really good. And if you look at different groups, the people who are usually the most affected are actually doing well. It looks like a strong expansion on the labor market terms.…

No economic information was covered. “There have been a number of initiatives—and quite a bit of research—regarding workforce development throughout the Federal Reserve System. This includes a three-volume book called Investing in America’s Workforce,3 which highlights the ways investments can overcome systemic barriers to employment. While there is no one-size-fits-all approach, there are many promising efforts to learn from.”…