Speeches, Interviews, Essays

We’ve already Chosen #1, but will it Choose Us? Scenario 1 (immaculate disinflation) is the obvious choice. It’s quick, nearly painless and is not politically destabilizing. Almost no one will lose his or her job. No one’s 401k or house price will crash. The opposition party won’t be able to blame incumbents. Only problem: Does…

From Speech “To address this situation, the Fed is raising interest rates, which slows the interest-sensitive components of demand. Returning the markets for goods, services and labor to a more stable balance is how monetary policy lowers inflation back to the 2% target. I do anticipate that accomplishing price stability will require slower employment growth…

“Well, I’ll say two things on this. First, I don’t think it’s as uncoordinated at some might think. You know, our leaders here, the chair and others in Washington, talk regularly with their colleagues across the world, and so there’s an awareness of what we’re seeing and a collective understanding about how it all fits…

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“For me, I actually think the more important thing is that we need to get inflation under control. Until that happens, we’re going to see, I think a lot of volatility in the marketplace, in all directions. Little pieces of news can drive people and businesses to draw some more extreme conclusions that I think…

“Reductions in monetary policy accommodation and tighter financial conditions will bring demand into better balance with constrained supply in both product and labor markets, resulting in an economic transition to growth in real output that is well below trend, slower employment growth, and a higher unemployment rate.” “Since March, the FOMC has raised the target…

“Well, first of all, I think that the GDP number is one way to think about the economic performance, but many others would suggest that the economy has a lot of positive momentum. We’re still creating lots of jobs on a monthly basis. And so I actually think that there is some ability for the…

“Over coming months, we will be looking for compelling evidence that inflation is moving down, consistent with inflation returning to 2 percent. We anticipate that ongoing increases in the target range for the federal funds rate will be appropriate; the pace of those increases will continue to depend on the incoming data and the evolving…

“There are three takeaways from my speech today. First, inflation is far too high, and it is too soon to say whether inflation is moving meaningfully and persistently downward. The Federal Open Market Committee (FOMC) is committed to undertake actions to bring inflation back down to our 2 percent target. This is a fight we…

‘’I was leaning toward 75 and the jobs report was reasonably good last Friday.” “I wouldn’t let one data point sort of dictate what we are going to do at this meeting. So I am leaning more strongly toward 75 at this point.” ‘’The general strategy of trying to front-load these rate increases is working…