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Keywords:Federal Open Market Committee (FOMC) 

Journal Article
The Fed’s New Monetary Policy Framework One Year Later

St. Louis Fed President James Bullard discusses the implementation of the FOMC’s new monetary policy framework, which includes flexible average inflation targeting.
The Regional Economist

Journal Article
FOMC Communication Spillovers: Is There a "Call-Out" Effect?

Foreign asset prices may react to FOMC communication that references specific countries, but the effects are minimal.
Economic Review , Volume vol.108 , Issue no.1 , Pages 15

Speech
Bullard Discusses U.S. Economy and Monetary Policy during UBS Panel

St. Louis Fed President Jim Bullard shared his views on various aspects of the U.S. economy and monetary policy during a panel discussion at the UBS European Conference 2021.Bullard said he thinks that U.S. real GDP growth coming in softer than expected in the third quarter is “a temporary phenomenon,” with growth being pushed out to the fourth quarter and through next year. He expects real GDP growth to be higher than 4% for all of 2022.In discussing the very tight labor market in the U.S., Bullard cited the unemployment-to-vacancies ratio, the unemployment rate and a labor market ...
Speech

Speech
Calibrating Policy in an Uncertain Time

Remarks delivered at Salt Lake Chamber, Salt Lake City, UT, April 12, 2023, by Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco.
Speech

Journal Article
When Normalizing Monetary Policy, the Order of Operations Matters

As economic conditions in the United States continue to improve, the FOMC may consider normalizing monetary policy. Whether the FOMC reduces the balance sheet before raising the federal funds rate (or vice versa) may affect the shape of the yield curve, with consequences for financial institutions. Drawing lessons from the previous normalization in 2015–19, we conclude that normalizing the balance sheet before raising the funds rate might forestall yield curve inversion and, in turn, support economic stability.
Economic Bulletin , Issue October 14, 2021 , Pages 4

Journal Article
Measuring the Stance of Monetary Policy on and off the Zero Lower Bound

Taeyoung Doh and Jason Choi propose a new ?shadow? short-term interest rate to measure the stance of policy when the federal funds rate was constrained by the zero lower bound.
Economic Review , Issue Q III , Pages 5-24

Working Paper
Regional Dissent: Do Local Economic Conditions Influence FOMC Votes?

U.S. monetary-policy decisions are made by the 12 voting members of the Federal Open Market Committee (FOMC). Seven of these members, coming from the Federal Reserve Board of Governors, inherently represent national-level interests. The remaining five members, a rotating group of presidents from the 12 Federal Reserve districts, come instead from sub-national jurisdictions. Does this structure have relevant implications for the monetary policy-making process? In this paper, we first build a panel dataset on economic activity across Fed districts. We then provide evidence that regional ...
Working Paper Series , Paper 2024-05

Speech
The Right Tools for Our Time

Remarks at NABE/Bundesbank International Economic Symposium Eltville am Rhein, Germany.
Speech

Journal Article
Did Communicating a Numerical Inflation Target Anchor U.S. Inflation Expectations?

Macro Bulletin

Journal Article
Fed Communications and Inflation Expectations

Monetary policy surprises—changes in various interest rates around central bank communication events—reflect new information in monetary policy actions and communications. For the Federal Reserve, surprises around Federal Open Market Committee statements and post-meeting press conferences have, in recent years, often led to meaningful market surprises that capture policy news. Event-study analysis provides new market-based evidence of monetary policy transmission: Hawkish policy surprises lower market-based inflation expectations, while dovish surprises raise them, in line with standard ...
FRBSF Economic Letter , Volume 2026 , Issue 08 , Pages 6

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