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Speech
The Outlook for the Economy and Monetary Policy: Low-Frequency Policymaking in a High-Frequency World
Good afternoon. I thank Ellen Zentner and the New York Association for Business Economics for the invitation to speak to you today. I believe that one of the important responsibilities of a Federal Reserve policymaker is to share his or her economic perspectives with the public. Congress has wisely given the Fed independence in making monetary policy decisions in pursuit of our statutory goals of price stability and maximum employment. I say "wisely" because a body of research and practical experience both here and abroad show that when central banks formulate monetary policy free from ...
Speech
The Outlook for the National and Regional Economy and Monetary Policy: Low-Frequency Policymaking in a High-Frequency World
Good afternoon and thank you for that very kind introduction. I also thank the Cleveland Association for Business Economics, CFA Society Cleveland, and the Northern Ohio chapter of the Risk Management Association for inviting me to speak today. The very first speech I gave in Cleveland as president of the Cleveland Fed was at your organizations' invitation. As they say, you never forget your first, and so it is with great pleasure that I am back with you today. Another reason I'm happy to be here is that I believe an important responsibility of Federal Reserve policymakers is to share their ...
Journal Article
Policy Update: Independence, If You Can Keep It
Historically, Congress has tended to take an acute interest in examining the structure of the Federal Reserve whenever there is economic turmoil. The economic swing during the COVID-19 pandemic and the current period of elevated inflation are no different. In response, lawmakers and policy influencers have voiced concerns about the Fed's ability to promote an equitable economic recovery as well as its ability to manage inflation. These proposals have spanned the political spectrum, including expanding the Fed's monetary policy mandate into new areas, bringing monetary policy decision-making ...