Statement Regarding My Dissenting Vote at the Meeting of the Federal Open Market Committee Held on March 15, 2020
Abstract: I usually discuss my views on the economy and monetary policy in public speeches. Because of the coronavirus, my upcoming speeches have been canceled, so I am providing this statement in lieu of a speech. On March 15, 2020, I dissented from the action of the majority of the Federal Open Market Committee (FOMC). As the post-meeting statement issued by the Committee notes, I was fully supportive of all of the actions taken to promote the smooth functioning of markets and the flow of credit to households and businesses but preferred to reduce the target range of the federal funds rate to 1/2 to 3/4 percent instead of to 0 to 1/4 percent as was done.
Description: Full Text
Provider: Federal Reserve Bank of Cleveland
Part of Series: Speech
Publication Date: 2020-03-17