Quotes from the news wire:
Such a tightening in financial conditions would work in the same direction as rate tightening.
Found on CNN 1 year ago
Today, some analysts ask whether incorporating into bank supervision the perceived risks associated with climate change is appropriate, wise, and consistent with our existing mandates, in my view, the Fed does have narrow, but important, responsibilities regarding climate-related financial risks. These responsibilities are tightly linked to our responsibilities for bank supervision. The public reasonably expects supervisors to require that banks understand, and appropriately manage, their material risks, including the financial risks of climate change.
Found on CNN 1 year ago
It’s possible that these events will turn out to have very modest effects on the economy, in which case inflation will continue to be strong, in which case, you know, the path might look different, it’s also possible that this potential tightening will contribute significant tightening in credit conditions over time. And in principle, that means that monetary policy may have less work to do. We simply don’t know.
Found on CNN 1 year ago
We have to bring inflation down to 2%, there are real costs to bring it down to 2%. But the costs of failing are much higher.
Found on CNN 1 year ago
In that most likely case, if that happens, participants don’t see rate cuts this year.
Found on CNN 1 year ago
The process of getting inflation back down to 2% has a long way to go and is likely to be bumpy.
Found on CNN 1 year ago
Inflation has moderated somewhat since the middle of last year, but the strength of these recent readings indicates that inflation pressures continue to run high.
Found on CNN 1 year ago
If the central bank doesn’t get inflation back in place … you can have a long series of years where inflation is high and volatile. And it’s hard to invest capital. It’s hard for an economy to perform well. And we’re looking to avoid that.
Found on CNN 1 year ago
We no longer state that we anticipate that ongoing rate increases will be appropriate to quell inflation, instead, we now anticipate some additional policy firming may be appropriate.
Found on CNN 1 year ago
The Fed needs to secure both price stability and financial stability, something that it has failed to so recently, having already dug itself, and the US economy, into a big hole with its prolonged mischaracterization of inflation and flip-flopping policies, it can ill afford another slippage in what is proving to be the biggest policy mistake in the last four decades.
Found on CNN 1 year ago
The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated, if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.
Found on CNN 1 year ago
I would say it is a good thing the disinflation we have seen so far has not come at the expense of a weaker labor market, but I would also say the inflationary process you see under way is really at an early stage.
Found on CNN 1 year ago
I don’t think anyone knows whether we’re going to have a recession or not, it’s just not knowable.
Found on CNN 1 year ago
We feel the economy is very strong and will be able to withstand tighter monetary policy.
Found on CNN 1 year ago
The incoming data are very consistent with the view that inflation will move down toward our goals.
Found on FOX News 1 year ago
As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.
Found on CNN 1 year ago
Alan Greenspan could dive deeply into the data. Paul Volcker had a personal authority about Paul Volcker understanding of markets and banking that was intimidating.
Found on CNN 1 year ago
If you replay last summer, we had a real spike in inflation that began in March, April, May, June of last year, and then inflation came down month after month after month... through the end of the summer, so, we were concerned because we saw inflation spreading more broadly, and because we didn't see supply chain issues improving... We had real concerns.
Found on CNN 1 year ago
You see continuing shifts in consumption, you see some sales going down, but overall spending is really strong, the consumer is in really good shape financially.
Found on CNN 1 year ago
There is a real possibility that globalization will go into reverse.
Found on CNN 1 year ago
The process of getting inflation down to 2 % will also include some pain, but ultimately the most painful thing would be if we were to fail to deal with it and inflation were to get entrenched in the economy at high levels, and we know what that's like.
Found on CNN 1 year ago
Volatility has been up a little bit, that has some effect on liquidity in some markets, nonetheless, the markets are orderly, they are functioning.
Found on CNN 1 year ago
We know that this is a time for us to be tightly focused on the time ahead and getting inflation back down to 2 %, no one should doubt our resolve in doing that... What we need to see is inflation coming down in a clear and convincing way.
Found on CNN 1 year ago
Monetary policy works through expectations, it's been good to see financial markets reacting.
Found on CNN 1 year ago
In hindsight, it would have been better to raise rates earlier.
Found on CNN 1 year ago
The Federal Reserve's a very difficult environment to try to give forward guidance 60, 90 days in advance, there are just so many things that can happen in the economy and around the world.
Found on CNN 1 year ago
I have tremendous admiration for [ Volcker ]. fed Chair Jerome Powell had the courage to do what Fed Chair Jerome Powell thought was the right thing.
Found on CNN 1 year ago
I believe that the historical record provides some grounds for optimism : Soft, or at least soft-ish, landings have been relatively common.
Found on CNN 1 year ago
No one expects that bringing about a soft landing will be straightforward in the current context.
Found on CNN 2 years ago
I believe that the historical record provides some grounds for optimism : Soft, or at least soft-ish, landings have been relatively common in Jerome Powell monetary history.
Found on CNN 2 years ago
There is an obvious need to move expeditiously to return the stance of monetary policy to a more neutral level.
Found on CNN 2 years ago
We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing and transportation.
Found on CNN 2 years ago
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.
Found on CNN 2 years ago
We increased capital and liquidity requirements for the largest banks — and currently, capital and liquidity levels at our largest, most systemically important banks are at multidecade highs.
Found on CNN 2 years ago
We are prepared to adjust the pace of purchases if warranted by changes in the economic outlook.
Found on CNN 2 years ago
The level of inflation we have right now is not consistent with price stability.
Found on CNN 2 years ago
By many measures we're in a very tight labor market. But the issue is, how persistent is that.
Found on CNN 2 years ago
The time for lifting rates will depend on the economy. I think we can be patient.
Found on CNN 2 years ago
It's really not working now. We understand that, the appearance is obviously unacceptable.
Found on CNN 2 years ago
These strains - there is no reason they can't keep coming, and one more powerful than the next. We don't know that, but that's certainly a plausible outcome. As vaccinations rise we can nonetheless get back to our economic activity.
Found on CNN 2 years ago
Those are the [ prices for ] things we look to to stop going up and ultimately go down.
Found on CNN 2 years ago
Forecasters have a lot to be humble about. It's a highly uncertain business, we're very much attuned to the risks and watching the data carefully.
Found on CNN 2 years ago
To date, cryptocurrencies have not served as a convenient way to make payments, given, among other factors, their swings in value, stablecoins aim to use new technologies in a way that has the potential to enhance payments efficiency, speed up settlement flows, and reduce end-user costs — but they may also carry potential risks to those users and to the broader financial system.
Found on CNN 2 years ago
You are seeing things in capital markets that are a bit frothy, that's a fact. I won't say it has nothing to do with monetary policy, but also it has a tremendous amount to do with vaccination and reopening of the economy.
Found on CNN 2 years ago
We are 8.5 million jobs below February 2020, we are a long way from our goals ... It is going to take some time.
Found on Reuters 2 years ago
We have not articulated a separate test for the state of the virus that we would like to achieve, there is a possibility of course that we will have ongoing outbreaks over the summer ... And potentially next winter as well. But we will be looking for substantial further progress towards our goals.
Found on Reuters 2 years ago
We understand well the lessons of the high inflation experience in the 1960s and 1970s, and the burdens that experience created for all Americans, we do not anticipate inflation pressures of that type, but we have the tools to address such pressures if they do arise.
Found on Reuters 2 years ago
We do not seek inflation that substantially exceeds 2 percent, nor do we seek inflation above 2 percent for a prolonged period.
Found on Reuters 2 years ago
I would emphasize, though, that we are fully committed to both legs of our dual mandate - maximum employment and stable prices.
Found on Reuters 2 years ago
Our future policy actions will be based on actual progress toward our objectives.
Found on Reuters 2 years ago
I think we are going into a period of faster growth and higher job creation and that’s a good thing, i would point out there are still risks, in particular I would say the main risk is definitely another spike in cases perhaps in one of the virus strains that may be more difficult to treat.
Found on Reuters 3 years ago
We will reach the time at which we will taper asset purchases when we have made substantial further progress towards our goals from last December, that would in all likelihood be before, well before, the time we would consider raising interest rates. We have not voted on that order but that is the sense of the guidance.
Found on Reuters 3 years ago
It would be very helpful and very important that there be additional fiscal support for the economy, really to get us through the winter, i think we made a lot of progress faster than we expected, and now we have a big spike in COVID cases, and it may weigh on economic activity. People may pull back from activities they were being involved in or not engage in new activities.
Found on Reuters 3 years ago
It would be helpful if we could get that done, if you could get that done, i would encourage Congress, particularly over the next few weeks of the lame duck, let’s try to get something done.
Found on Reuters 3 years ago
The Fed's not an authority we are seeking, or looking at, or think we need.
Found on CNN 3 years ago
Until the public is confident that the disease is contained, a full recovery is unlikely.
Found on CNN 3 years ago
If not contained and reversed, the downturn could further widen gaps in economic well-being that the long expansion had made some progress in closing.
Found on Reuters 3 years ago
The path ahead for the economy is highly uncertain and continues to depend to a significant degree on the path of the pandemic.
Found on CNN 3 years ago
We are not experts on epidemiology, the spread of pandemics or anything like that, we talk to experts, and the main answer they give you is things are highly uncertain.
Found on Reuters 3 years ago
There is clearly a risk of a second outbreak, and that would be challenging, we, of course, would continue to react ... We are not close to any limits.
Found on Reuters 3 years ago
The committee's view on negative rates really has not changed. This is not something that we are looking at.
Found on Reuters 3 years ago
We are going to see economic data for the second quarter that is worse than any data we have seen for the economy, there are direct consequences of the disease and measures we are taking to protect ourselves from it.
Found on CNN 3 years ago
The ratio of household borrowing to income is low relative to its pre-crisis level and has been gradually declining in recent years.
Found on CNN 4 years ago
We are not in a place where I think we would conduct monetary policy in order to deal with climate change type issues.
Found on Reuters 4 years ago
You are seeing strong durable goods sales. You are seeing housing now contributing to growth for the first time in a while. And you are seeing retail sales, more broadly, monetary policy is also supporting household spending and home buying by keeping the labor market strong, keeping workers incomes rising, and keeping consumer confidence at high levels.
Found on Reuters 4 years ago
Trade developments have been up and down and then up, I guess, back up perhaps over the course of this interview, i do believe our shifting to a more accommodative stance over the course of the year has been one of the reasons why the outlook has remained favorable.
Found on Reuters 4 years ago
It is an unusual situation, the U.S. economy in itself is strong. ... The difference here is we have significant risks.
Found on Reuters 4 years ago
I do believe our shifting to a more accommodative stance over the course of the year has been one of the reasons why the outlook has remained favorable.
Found on Reuters 4 years ago
If the economy does turn down, then a more extensive sequence of rate cuts could be appropriate.
Found on Reuters 4 years ago
We are going to be highly data-dependent ... We are not on a pre-set course, we are going to be making decisions meeting by meeting.
Found on Reuters 4 years ago
Political factors play absolutely no role in our process, and my colleagues and I would not tolerate any attempt to include them in our decision-making or our discussions.
Found on Reuters 4 years ago
Our obligation is to use our tools to support the economy, and that's what we'll continue to do.
Found on Reuters 4 years ago
Let me be clear – it's not the beginning of a long series of rate cuts.
Found on Reuters 4 years ago
It's something that doesn't fit neatly or easily within our regulatory scheme but it does have potentially systemic scale, it needs a careful look, so I strongly believe we all need to be taking our time with this.
Found on Reuters 4 years ago
Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability.
Found on Reuters 4 years ago
Facebook has a couple billion-plus users, so I think you have for the first time the possibility of very broad adoption.
Found on Reuters 4 years ago
You have oversight over us, in our system of government, it's Congress.
Found on Reuters 4 years ago
I think the law is clear that I have a four-year term and I intended to serve it.
Found on CNN 4 years ago
News about trade has been an important driver of sentiment in the interim.
Found on Reuters 4 years ago
While the baseline outlook remains favorable, many FOMC participants cited the investment picture and weaker business sentiment ... in supporting their judgment that the risk of less favorable outcomes has risen.
Found on Reuters 4 years ago
Seven weeks ago we had a great jobs report and came out of the last meeting feeling that the economy and our policy was in a good place, news about trade has been an important driver of sentiment in the interim.
Found on Reuters 4 years ago
Ultimately the question we are going to be asking ourselves is, 'are these risks going to be continuing to weigh on the outlook?' we will act as needed, including promptly if that's appropriate, and use our tools to sustain the expansion.
Found on Reuters 4 years ago
We are quite mindful of the risks to the outlook and are prepared to move and use our tools as needed.
Found on Reuters 4 years ago
We will act as needed, including promptly if that's appropriate, and use our tools to sustain the expansion.
Found on Reuters 4 years ago
My duty is one that Congress has given us, which is to use our tools to achieve maximum employment and stable prices and to supervise and regulate banks so that they treat their customers fairly and so that they're strong, well-capitalized and can perform their critical function in good times and bad, that's my job. And I think for me to get into responding to any elected official would be a distraction from that job.
Found on CNN 4 years ago
If it was released at some other time, that would maybe keep the transparency but reduce the conundrum aspect and (keep) the focus on the statement of the committee, which is really what the committee actually decided upon.
Found on Reuters 4 years ago
I wouldn't take it as a signal about current policy or about near-term policy.
Found on Reuters 4 years ago
I think we are getting in here to commenting on a nominee to the Fed directly, that's something I'd rather avoid; it's really not my role to engage with potential nominees to the Fed.
Found on Reuters 4 years ago
I think men and women should make the same for the same work, by and large.
Found on Reuters 4 years ago
We think our policy stance is appropriate at the moment; we don't see a strong case for moving it in either direction.
Found on Reuters 4 years ago
We're comfortable, the committee is comfortable with our current policy stance.
Found on Reuters 4 years ago
I can't really be any more specific than what I've said.
Found on Reuters 4 years ago
The financial crisis did a great deal of damage to many people's lives. And, of course, not all of them will be made whole.
Found on Reuters 5 years ago
With nothing in the outlook demanding an immediate policy response and particularly given muted inflation pressures, the committee has adopted a patient, wait-and-see approach.
Found on Reuters 5 years ago
As we feel our way cautiously to this goal, we will move transparently and predictably in order to minimize needless market disruption and risks to our dual-mandate objectives.
Found on Reuters 5 years ago
We need policies that support innovation and create a favorable environment for investment in both the skills of workers and the tools they have.
Found on FOX News 5 years ago
The idea that deficits don't matter for countries that can borrow in their own currency I think is just wrong. I think that U.S. debt is fairly high as a level of (gross domestic product) and, much more importantly than that, it's growing faster than GDP, to the extent that people are talking about the Fed - our role is not to provide support for particular policies.
Found on Reuters 5 years ago
You just have to say it in a way that's more accessible.
Found on Reuters 5 years ago
My only motivation is to do the right thing for the economy and the American people, the situation calls for patience, I think it does. That stance of policy is appropriate. We see these uncertainties. We see a time where we have the luxury of being able to wait.
Found on CNN 5 years ago
We believe we can best support the economy by being patient and evaluating the outlook before making any further adjustment to policy.
Found on CNN 5 years ago
My only motivation is to do the right thing for the economy and the American people. That's it, the situation calls for patience ; I think it does. That stance of policy is appropriate. We see these uncertainties. We see a time where we have the luxury of being able to wait.
Found on CNN 5 years ago
We are now facing a somewhat contradictory picture of generally strong U.S. macroeconomic performance alongside growing evidence of cross-currents. Common sense risk management suggests patiently waiting greater clarity.
Found on Reuters 5 years ago
It'll be substantially smaller than it is now...but nowhere near where it was before.
Found on Reuters 5 years ago
Similarly, Trump also softened his stance on China after sharp falls in stock prices. He has offered an olive branch to China and there's no reason China would not want to accept it.
Found on Reuters 5 years ago
With appropriate monetary policy, the job market will remain strong and inflation will stay near 2 percent over the next several years.
Found on Reuters 5 years ago
I think we are far enough away now though that the risks are kind of balanced, i think it's more just, we are just looking at the economy and what does it need and how do we sustain the expansion, keep the labor market strong and try to keep inflation near 2 percent.
Found on Reuters 5 years ago
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