Speeches, Interviews, Essays

Inflation “Inflation has not been going as well. That’s been, let’s call it the weakest part of the economy. And I think we have to just keep getting more price information across these categories before we can say with comfort we are on a path back to normal.” Recession “When you’re in a rate-rising environment…

Inflation – 5/10/23’s CPI Report “Inflation remains, I’d call it stubbornly high. The headline and the core were about as expected, but if you just look through any one report, and you focus on the core, which is probably the best place to look, month after month after month, it’s coming in at .4%, .5%,…

Speech text and video of meeting have not yet been made available. – Inflation “The economy has started to slow in an orderly fashion … I am of the view that inflation will start to come down and the economy will have the opportunity to continue to expand,”

Fed Funds “The FOMC also said that the “Committee will closely monitor incoming information and assess the implications for monetary policy.” I will be particularly focused on assessing the evolution of credit conditions and their effects on the outlook for growth, employment, and inflation.” Inflation “The March price data indicate some moderation in overall rent…

Recession “I think you have to say that recession is a possibility. You’ve got a lot of major forecasters forecasting a mild recession already for the second half of the year. So I think that that’s got to be on everyone’s mind.” Credit Conditions “We have to figure out how much of the work of…

Fed Funds Regarding the 25bps Hike in May: “I did support it. I thought it was a good next step for the committee … basically the preponderance of the committee wanted to be above 5%. So, this move puts us above 5% … I think it’s appropriate to put the policy rate at a higher…

Credit Conditions “We know that credit conditions like the ones we’re seeing now, in the past have been correlated with recessions, credit crunches, kind of have done the tightening work of monetary policy. So in our phrase, as you know, data dependents. We got to be data dependent. We got to watch a lot of…

Monetary policy and the economy were not talked about. – “It is an honor to be invited to speak at commencement. An incredible, terrifying honor. I would be completely comfortable teaching an economics class. I don’t know that anyone else would be thrilled, but I would be in my comfort zone. But this occasion calls…

Q&A Segment – Fed Funds “So policy is tight and you see that in interest sensitive activities. And you also begin to see it more and more in other activities. And if you put the credit tightening on top of that and the QT that’s ongoing. I think you feel like we may not be…

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5 to 5-1/4 percent.” “Voting for the monetary policy action were Jerome H. Powell, Chair; John C.…