Speeches, Interviews, Essays

“As many economists are discussing, recent economic data have created a puzzle. The labor market continues to be very strong, but the real economy appears to be faltering. How might gross domestic product (GDP) fall in the first half of 2022 while the economy created 2.7 million jobs in the same time period? Is the…

Transcript not available (link to interview provided). https://www.bloomberg.com/news/videos/2022-07-13/federal-reserve-s-mester-on-inflation-interest-rates-full-interview?sref=tF5n2ZfO

“These different interpretations of the data underscore the high degree of uncertainty regarding where the labor market will ultimately settle. On the one hand, if labor demand eases and job openings fall, we should expect at least some rise in the unemployment rate. On the other hand, labor supply could increase as pandemic effects wane…

“Second, in addition to the oft-cited long and variable lags, the transmission of higher policy rates and the associated tightening in financial conditions to spending, employment, and inflation is subject to considerable uncertainty. For example, the shift in spending away from services to housing and durable goods during the pandemic may make the economy more…

“The economy experienced a rapid recovery from the pandemic last year, but I expect growth to slow considerably this year as the waning effects of fiscal stimulus, less favorable financial conditions, and slower growth abroad all weigh on our economy. Specifically, I currently expect real GDP growth in the United States to be below one…

“Recent volatility has exposed serious vulnerabilities in the crypto financial system. While touted as a fundamental break from traditional finance, the crypto financial system turns out to be susceptible to the same risks that are all too familiar from traditional finance, such as leverage, settlement, opacity, and maturity and liquidity transformation. As we work to…

Transcript not available (link to interview provided). https://www.cnbc.com/video/2022/07/08/the-fed-can-move-75-basis-points-at-next-meeting-says-atlanta-fed-president-bostic.html

Federal Reserve Bank of St. Louis President James Bullard presented “The First Steps Toward Disinflation in the U.S.” (PDF) on Thursday at an event hosted by the Little Rock Regional Chamber. The presentation was an update to versions given June 1 at the Economic Club of Memphis and June 20 in Barcelona. “Real-time indicators of U.S. gross domestic product (GDP) growth…

“Well, I feel quite confident… I shouldn’t say that. I’m hopeful that inflation will be well on its way back down and that we will all have a lot more comfort that we’ve got this genie back in the bottle. It won’t be back to our 2% target by then, but I’m hopeful that it’ll…

Transcript not available (link to interview provided). https://www.c-span.org/video/?521518-1/federal-reserve-governor-christopher-waller-inflation