Speeches, Interviews, Essays

“The timing and magnitude of future funds rate and balance sheet adjustments will depend on how the economy and the data evolve. And this will depend on how well we transition from pandemic to endemic; how much and how quickly supply chains recover; how rapidly workers sidelined by health, family care, or other COVID-related barriers…

“Unfortunately, monetary policy isn’t well-suited to address supply issues. But strong demand and a very tight labor market have also contributed to inflation pressures, and the FOMC can help alleviate those pressures by removing the extraordinary monetary policy accommodation that is no longer needed.” “I will be watching the data closely to judge the appropriate…

“With regard to the policy situation today, I still see current inflation as largely being driven by unusual supply-side developments related to the Covid-19 shock. But inflation pressures clearly have widened in the broader economy to a degree that requires a substantial repositioning of monetary policy. What that repositioning ultimately will look like will depend…

“The financial system is not standing still, and neither can we. The digital financial ecosystem is evolving rapidly and becoming increasingly connected with the traditional financial system. It is prudent for the Board to understand the evolving payment landscape, the technological advancements and consumer demands driving this evolution, and the consequent policy choices as it…

“The authors discuss three impacts from running a “hot” economy: labor market inclusiveness, potential financial market instability and a greater risk of excessive inflation. Since time is short, I will focus most of my comments on the benefits of labor market inclusiveness.” “Since time is short, I will focus most of my comments on the…

“I expect it will be appropriate to raise the target range at our upcoming meeting in March. Once the interest rate increases are underway, the next step will be to start the process of steadily and predictably reducing our holdings of Treasury and mortgage-based securities, which had grown significantly as a result of the purchases…

“I’ve suggested that good target would be to have the funds rate or the policy rate up at about a hundred basis points by July 1st. And that does mean we would have to move faster and more nimbly than we have in recent decades. But I think that’s probably the appropriate policy now. We…

“The recovery from the Great Recession was a slow one. While the recession officially ended in June 2009, the FOMC held the funds rate at zero until December 2015, when it raised the rate by 25 basis points. At that time, inflation was running below 1 percent, the unemployment rate was 5 percent, and real…

“This is a moment where we need to shift to less accommodation, and the debate is about how fast to do that.” “That does mean we would have to move faster and more nimbly than we have in recent decades, but I think that’s probably the appropriate policy.” Would raising the policy rate risk recession…

“Chairman Powell, J. Powell has continued that practice and we all really appreciate it, because it’s great to be able to speak with him one on one, hear from him directly, what are what’s he focused on, what is most important to him, offer my same thoughts. I usually learn in those conversations and that…