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Speech
Monetary Policy Challenges in the Pandemic Recovery
President Collins shared charts with graduate students and faculty at an economics seminar at Harvard University, covering aspects of the economy she recently discussed at Wellesley College and as part of the Boston Fed’s 22nd Annual Regional & Community Bankers Conference.
Speech
Remarks at the 22nd Annual Regional and Community Banker’s Conference at the Federal Reserve Bank of Boston
Federal Reserve Bank of Boston President & CEO Susan M. Collins participated in the Bank’s 22nd Annual Regional & Community Bankers Conference. In her remarks, President Collins says inflation is still taking a toll across New England, but the Fed sees evidence that inflation is moderating. The impacts of the pandemic remain unusual, and that means a high degree of uncertainty will be an inescapable part of the near-term policymaking environment, necessitating patience. She also says the region’s banking industry plays an essential role, serving communities and providing households and ...
Speech
Monetary Policy: Progress Is Not Victory
Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco, The Economic Club of New York, New York, NY, October 5, 2023, 12 PM EDT
Speech
Perspectives on the Economy: Remarks at the Annual Convention of the Maine Bankers Association
Susan Collins shared her views about the economic outlook and monetary policy. Then she provided a few perspectives on banking in New England and in particular Maine – highlighting the importance of banks of all sizes to a vibrant, inclusive economy. She ended with a few points about the Fed’s work across the region, and the shared opportunities to collaborate in the public interest.
Journal Article
How Quickly Do Prices Respond to Monetary Policy?
With inflation still above the Federal Reserve’s 2% objective, there is renewed interest in understanding how quickly federal funds rate hikes typically affect inflation. Beyond monetary policy’s well-known lagged effect on the economy overall, new analysis highlights that not all prices respond with the same strength or speed. Results suggest that inflation for the most responsive categories of goods and services has come down substantially from recent highs, likely due in part to more restrictive monetary policy. As a result, the contributions of these categories to overall inflation ...
Journal Article
Assessing the Costs of Rolling Over Government Debt
The US government has $21.4 trillion in outstanding Treasury debt in bills, notes, and bonds. Given the federal funds rate is up 4-5% over the past year, how expensive will it be to roll over maturing Treasury debt at these higher rates?
Speech
Bullard Discusses Inflation, Rate Increases and Economic Growth on CNBC
During an appearance on CNBC, St. Louis Fed President Jim Bullard offered his perspective on inflation, the federal funds rate and the U.S. economy.While acknowledging that the U.S. had two quarters of negative growth in gross domestic product (GDP), Bullard said that with all the job growth in the first half of this year, it’s hard to say there was a recession. And he said he expects third-quarter GDP growth to be reasonably good.“I think we’ll get positive GDP growth in the second half” of the year, he said.On managing inflation, he reiterated his call to increase the federal funds ...
Speech
Balance Sheet Normalization: Monitoring Reserve Conditions and Understanding Repo Market Pressures
Remarks at 2024 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City.
Speech
Remarks for the Panel Discussion “Why Did We Miscast Inflation?”
Inflation remains too high, and recent data – including several strong labor market indicators, as well as faster than expected retail sales and producer price inflation – all reinforce my view that we have more work to do, to bring inflation down to the 2 percent target. While optimistic there is a path to restoring price stability without a significant downturn, I am also well aware of the many risks and uncertainties, including the risk of a self-fulfilling loss of business and consumer confidence.
Journal Article
Liquidity Dries Up
The Federal Reserve has been increasing the federal funds rate, but the interest rate banks pay on deposits have stood still, leading to outflows of bank deposits and the drying up of liquidity.