Speeches, Interviews, Essays

“We will have to determine the course of our policy through observation rather than reference to theoretical models or pre-pandemic trends. Given the likely lags in the passthrough of tighter monetary policy to real economic conditions, this argues for steadiness and purposefulness over speed.” “The path of policy is also likely to influence plans to…

Welcome remarks, no economic information mentioned.

“The CPI, which rose 8.5% in July 2022 from a year earlier, measures the price changes for a basket of goods and services purchased by the typical urban consumer. The items in this basket are weighted by their relative importance in consumer expenditures. For example, housing—rent and other spending on shelter—accounts for 33% of the…

“The Federal Reserve’s two main administered rates—the interest on reserve balances (IORB) rate and the offering rate on the overnight repurchase agreement (ON RRP) facility—provide strong incentives in money markets.  IORB sets a benchmark against which banks evaluate their lending and borrowing opportunities.  The ON RRP facility provides a soft floor for the overnight money…

“What Paul Volcker did and the Fed did to finally get inflation under control followed several failed attempts to get inflation under control. What had happened over the course of that long period of the Great Inflation is that the public had really come to think of higher inflation as the norm and to expect…

“As we follow through on our plan to move monetary policy to an appropriately restrictive stance, the effect of the increased policy rate and pace of balance sheet shrinkage should put downward pressure on aggregate demand, particularly in interest-sensitive sectors like housing. Continued improvements in supply conditions and a further rotation of consumption away from…

“When I say that one of my top goals is to make the financial system safer, it is because keeping it safe involves an active and never-ending effort to analyze risks and make necessary adjustments. There is no responsible alternative to this approach because the stakes are far too high to do otherwise.” “In addition…

“I am in the process of preparing my submission to the Summary of Economic Projections of FOMC participants, which will be released after our next FOMC meeting in two weeks. At this point, I have not incorporated a recession into my baseline outlook for the U.S., but instead expect a fairly sharp slowing in activity,…

“It’s really premature right now to be too specific about exactly what the right policy move will be in September, but I will reiterate that we need to do more. We’ve not yet seen significant declines in prices and that’s what we’re going to be looking for.” “In order for us to be able to…

“Well, we’re getting plenty of criticism from all sides, so that makes me think that we’ve probably handled it about right … It’s not easy to track the economy. It’s a very large object — $20 trillion plus per year in total GDP and national income.” “I would say about … whether we’re in recession…