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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
Interest Rates and the "New Normal"
John C. Williams

The Federal Reserve is moving towards more normal monetary policy, which means rising interest rates. But factors including the real natural rate of interest, a slower sustainable pace of growth, and inflation all point to a new normal where interest rates are lower than in the 1990s and early 2000s. The following is adapted from a speech by the president and CEO of the Federal Reserve Bank of San Francisco to the Community Banking in the 21st Century Research and Policy Conference in St. Louis on October 5.

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John C. Williams, "Interest Rates and the "New Normal"" , Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 29, 2017.
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