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Williams: Certain Uncertainty
Good morning, everyone. I’m so pleased to be here with you today. As it says on my CV, monetary policy under uncertainty has been my primary area of research. And after 30 years in central banking, I can unequivocally say: Uncertainty is the only certainty in monetary policy.1 Today I will discuss the economy and monetary policy in the context of a changing and uncertain landscape. I’ll talk about global inflationary trends, inflation expectations, and how the Federal Reserve is working to achieve its dual mandate of maximum employment and price stability. Before I go further, I must give the standard Fed ... (full story)
Added at 8:07am
- FED’S WILLIAMS:
CURRENT MODESTLY RESTRICTIVE MONETARY POLICY IS ‘ENTIRELY APPROPRIATE’
CURRENT RATE POLICY FITS WITH 'SOLID' JOB MARKET AND ABOVE-TARGET INFLATION
THERE IS A LOT OF UNCERTAINTY IN ECONOMY AND POLICY RIGHT NOW
EXPECTS GROWTH TO SLOW IN PART DUE TO LOWER IMMIGRATION
HARD TO KNOW HOW ECONOMY IS GOING TO PERFORM
MANY DIFFERENT ECONOMIC SCENARIOS ARE POSSIBLE RIGHT NOW
DISINFLATION PROCESS HAS FOLLOWED A BUMPY PATH
IT WAS 'NATURAL' STEP FOR U.S. CENTRAL BANK TO SLOW PACE OF ITS BALANCE SHEET DRAWDOWN
NO SIGNS INFLATION EXPECTATIONS BECOMING UNMOORED
DATA SHOWS PUBLIC BELIEVES NEAR-TERM INFLATION RISE WILL DISSIPATE
ECONOMIC DATA HAS BEEN SENDING MIXED SIGNALS
ECONOMY ENTERED YEAR ON FIRM FOOTING
LABOR MARKET STARTED YEAR OUT BETTER BALANCED
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