Jerome Powell, Speech: Statement before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate

Page(s): 4

Only general economic information was covered. “As always, challenges remain. Both the initial shutdown and the subsequent reopening of the economy were without precedent. The economy has rapidly gained strength despite the ongoing pandemic, giving rise to persistent supply and demand imbalances and bottlenecks, and thus to elevated inflation. We know that high inflation exacts…

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Lorie Logan, Interview: Macro Musings Podcast

Page(s): 11

“At the December FOMC meeting, participants suggested that it will be important that we monitor money market conditions as reserves fall in order to assess the appropriate level of reserves to maintain ample conditions. Indeed, we do have a lot of money market data, which allows us to observe those conditions in money markets at…

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James Bullard, Speech: The Initial Response to the Inflation Shock of 2021

Page(s): 29

“The U.S. pandemic recession ended 20 months ago. U.S. real gross domestic product (GDP) has more than fully recovered, and labor market performance continues to improve.” “The FOMC could begin increasing the policy rate as early as the March meeting in order to be in a better position to control inflation.” “Subsequent rate increases during…

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Neel Kashkari, Essay: Two Opposing Risks

Page(s): 10

“In summary, while my baseline forecast remains that the high inflation consumers and businesses are currently experiencing will likely be transitory, I am putting more weight on the possibility that such transitory high inflation could nonetheless lead to an increase in long-term inflation expectations above our 2 percent target. Hence, I now believe the FOMC…

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NY Fed, Lorie Logan speech, Liquidity Shocks: Lessons Learned from the Global Financial Crisis and the Pandemic

Page(s): 5

“At its July meeting, the FOMC established two standing repo facilities as tools in the Fed’s policy implementation framework: a domestic standing repo facility (SRF) and a repo facility for foreign and international monetary authorities (FIMA Repo Facility).  These facilities will serve as backstops in money markets to support the effective implementation of monetary policy…

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Ben Bernanke, Speech: Reflections on the Yield Curve and Monetary Policy

Page(s): 6

“Although macroeconomic forecasting is fraught with hazards, I would not interpret the currently very flat yield curve as indicating a significant economic slowdown to come, for several reasons. First, in previous episodes when an inverted yield curve was followed by recession, the level of interest rates was quite high, consistent with considerable financial restraint. This…

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