Cook Says Fed Should Cut Rates Over Time, Data Will Guide Pace

Good afternoon. It is a pleasure to join you for today's meeting of the Forum Club of the Palm Beaches. It is truly humbling for me to be invited to speak to your membership, in the company of the many influential leaders, authors, and other public figures this organization has hosted since its founding in 1976. Before turning to the main topic of my remarks today, I want to briefly share with you a bit about my background. I am one of the longest serving members currently on the Board of Governors of the Federal Reserve System (Board), having served as a Board member since November 26, 2018. As a member of the Board, I am a permanent voting member of the Federal Open Market Committee (FOMC) and serve in other capacities—I lead the Board committees on smaller and community banks and on consumer and community affairs and serve as a member on other committees that broadly address supervision and regulation and payments. I also provide input into the full range of matters that come before the Board. I am the first Governor appointed to fill the role created by Congress for someone with demonstrated primary experience working in or supervising community banks, banks with less than $10 billion in assets.2 I have been both a banker, working in the community bank owned and operated by my family since 1882, and a bank supervisor—as the Kansas State Bank Commissioner. Early in my career, I spent almost a decade working in public service in several federal government roles, including setting up the Department of Homeland Security after 9/11 and as a Deputy Assistant Secretary and policy advisor to the first Homeland Security Secretary, Tom Ridge. I also served as a counsel on several U.S. House Committees, and as a staff member for the former U.S. Senator from Kansas, Bob Dole. These experiences have provided me with a post: Fed’s Bowman: Should Pursue Cautious Approach On MonPol - May Be Closer To Neutral Than Policymakers Currently Think, Says Inflation Is A Concern - Says She Sees Neutral Rate ‘Much Higher’ Than Pre-Pandemic - Backed November Cut As It ‘Aligns’ With Her Preference To Gradually… post: FED'S BOWMAN: THE ECONOMY IS STRONG, THE LABOR MARKET IS NEAR FULL EMPLOYMENT, AND INFLATION IS ELEVATED. post: FED'S BOWMAN: I SEE A GREATER RISKS TO THE PRICE STABILITY MANDATE, THOUGH DETERIORATION IN LABOR CONDITIONS IS POSSIBLE.

post: ECB'S STOURNARAS: TIGHT FINANCING CONDITIONS HAVE WEIGHED ON GROWTH. post: ECB'S STOURNARAS: ECB POLICY, IN TAMING INFLATION, HAS BEEN A SUCCESS. post: ECB'S STOURNARAS: DOWNSIDE RISKS TO EURO ZONE GROWTH REMAIN. post: ECB'S STOURNARAS: THE ECB MAY INCREASINGLY NEED TO AVOID INFLATION UNDERSHOOTING. post: ECB'S STOURNARAS: ECB RATES WILL STAY RESTRICIVE FOR SOME TIME.