Speeches, Interviews, Essays

“Well, the manager of the Federal Reserves System Open Market Account is responsible for managing the federal reserves balance sheet, which today stands at over $8 trillion. On a day to day basis, that means I was responsible for the implementation of monetary policy and leading teams to implement the directives from the committee so…

“Given current rates of inflation, I believe that the Fed has more work to do in order to get inflation under control. This will entail further rate increases to tighten financial conditions, resulting in an economic transition to below-trend growth in nominal output, slower employment growth, and a higher unemployment rate.” GDP: “Analysts often use…

“Well, you’ve explained why at least we think our job is hard, because there is a lag. Financial conditions did move pretty rapidly when we started announcing a new path that was helpful. And you’ve already seen impact in places like the housing market, where mortgage rates are up and mortgage traffic… I’m sorry, home…

“In an environment fraught with unknowns, the last thing the Fed wants to do is add to the uncertainty. While clear analogies to our recent experience are scarce, history is instructive on this point. What economists have come to call stop-and-go monetary policy—tightening in the face of rising inflation but then reversing course abruptly when…

“So if you think about next year, if inflation is somewhere between two and a half and 3%, a lot lower than now, but that’s kind of a forecast that I think is reasonable. You’re thinking about having interest rates that are well above that, because it’s the interest rate minus the inflation rate tells…

“Well, first of all, the recession is not my base case right now. I think the economy is strong. Clearly financial conditions have tightened and I’m expecting growth to slow this year, quite a bit relative to what we had last year. And actually slow to probably one to 1.5% GDP growth for the year,…

“I am pleased to join the FedNow Early Adopter Workshop.1 With the technical testing phase of the FedNow℠ Service kicking off in mid-September, I want to particularly thank the early adopters for the important investments they are making to prepare for the day when the FedNow Service goes live next year. Together with our partners,…

“I mean, I want to wait until the data comes in. I mean, as the markets assume it’s going to be 50 or to 75, that’s where my head is. It’s going to be one of those two, but I do think that we’re going to have to move interest rates up from current levels.…

Transcript not available (link to interview provided). “So for me, I think restrictive is somewhere in the 3.5 to 3.75 range.  I’m hopeful we can get there by the end of the year … we’re in a pandemic economy and we need to make sure that we don’t overreact and sort of miss apply our…

“I think the pace matters a little bit. You do have to get to the level of the policy rate that will put downward pressure on inflation now. And we’ve been able to get some downward pressure on inflation during the first half of this year. Most of that came through market pricing, not through…