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Statement of Eric S. Rosengren, Commenting on Dissenting Vote at the Meeting of the Federal Open Market Committee
The stance of monetary policy is accommodative. Additional monetary stimulus is not needed for an economy where labor markets are already tight, and risks further inflating the prices of risky assets and encouraging households and firms to take on too much leverage. While risks clearly exist related to trade and geopolitical concerns, lowering rates to address uncertainty is not costless. The following four charts reflect the key data on which I base this view, with each chart’s title summarizing a key point. Also, I will describe my views in more detail in a speech taking place today at 11:20 a.m., entitled ... (full story)