Janet Yellen
speaker
179 appearances
2 recordings
1 series
first heard Sep 2017
last heard Dec 2017
Janet Yellen’s voice in public audio — every appearance, attributed to the second.
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You may have noticed that we altered the statement language about the labor market outlook.
This change highlights that the committee expects the labor market to remain strong.
with sustained job creation, ample opportunities for workers, and rising wages.
We anticipate some further strengthening in labor market conditions in the months ahead.
However, we expect the pace of job gains to moderate over time as we gradually reduce the degree of monetary policy accommodation.
Allowing the labor market to overheat would raise the risk that monetary policy would need to tighten abruptly at a later stage, jeopardizing the economic expansion.
Even with affirming of economic growth and a stronger labor market, inflation has continued to run below the FOMC's 2% longer-run objective.
Core inflation, which excludes the volatile food and energy categories, has followed a similar pattern and was 1.4% in October.
We continue to believe that this year's surprising softness in inflation primarily reflects transitory developments that are largely unrelated to broader economic conditions.
As a result, we still expect inflation will move up and stabilize around 2% over the next couple of years.
Nonetheless, as I've noted previously, our understanding of the forces driving inflation is imperfect.
I think my colleagues and I mainly see the likely tax package as boosting aggregate demand, but also having some potential to boost aggregate supply so rapidly.
Changes on the corporate tax side, the reduction in the corporate tax rate, expensing will lower the cost of capital.
And while there are a range of estimates and uncertainty about how much stimulus that will provide to investment, in general, I would see some stimulus to investment.
In terms of aggregate supply effects, a stronger pace of investment,
could boost capital formation and thereby raise productivity growth and potential GDP or output to some extent.
My assessment, and I think most participants' assessments, as I said, of the impact of the tax policy on growth has been informed by work by the Joint Committee on Taxation.
And everyone recognizes that there's uncertainty about what the economic effects would be, and I wouldn't want to rule anything out.
It is challenging, however, to achieve growth of the levels that you mentioned.
Look, if the package were to stimulate growth of that magnitude, let me just say again, the Federal Reserve would welcome that.
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