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Clarida: The Federal Reserve’s New Monetary Policy Framework: A Robust Evolution
Last week, the Federal Reserve reached an important milestone in its ongoing review of its monetary policy strategy, tools, and communication practices with the unanimous approval and release of a new Statement on Longer-Run Goals and Monetary Policy Strategy.1 In my remarks today, I will discuss our new framework and highlight some important policy implications that flow from the revised statement and our new strategy.2 I believe that this new statement and strategy represent a critical and robust evolution of our framework that will best equip the Federal Reserve to achieve our dual-mandate objectives on a ... (full story)
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Fed’s Clarida says “we believe that forward guidance and large-scale asset purchases have been and continue to be effective sources of support to the economy when the federal funds rate” is at near zero levels. Also says negative rates not in cards. https://t.co/4hHxanxBHU
— Michael S. Derby (@michaelsderby) August 31, 2020
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Fed’s Clarida says rates won’t rise just because unemployment falls
The Federal Reserve is committed to not raising interest rates just because the unemployment rate is falling, central bank Vice Chairman Richard Clarida said Monday. In a wide-ranging speech that addressed a major policy shift in Fed thinking, Clarida also said he and his fellow officials do not see negative interest rates as a viable option now and doubt the effectiveness of yield curve control, though that could change. He also acknowledged that policy may have gone astray in the past by following models that were not effective in a world where lower interest rates will be the norm. “My colleagues and I believe ... (full story)
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