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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Appearances
If it's a favorable supply-side development that would be compatible with the attainment of our employment and inflation objectives, that's something that would be very, very welcome, but it would be challenging to achieve numbers like that.
So it is true that incoming wage data suggests only modest upward pressure on wages.
That leads me, that's one factor along with the fact that inflation remains low with feeling that even though we have a 4.1% unemployment rate, that the labor market is not overheated at this point.
Remember, the modest pace of wage gains also probably reflects slow productivity growth.
Of course, the stock market has gone up a great deal this year, and we have in recent months characterized the general level of asset valuations as elevated.
What that reflects is simply the assessment that
looking at price-earnings ratios and comparable metrics for other assets other than equities, we see ratios that are in the high end of historical ranges.
That's worth pointing out.
But economists are not great at knowing what appropriate valuations are.
We don't have a terrific record.
And the fact that those valuations are high doesn't mean that they are necessarily overvalued.
We are in a low interest rate environment, lower than we've had in past decades.
And if that turns out to be the case,
That's a factor that supports higher valuations.
We're enjoying solid economic growth with low inflation, and the risks in the global economy look more balanced than they have in many years.
So I think what we need to and are trying to think through is if there were an adjustment in asset valuations with the stock market, what impact would that have on the economy and would it provoke financial stability concerns?
And I think when we look at other indicators of financial stability risks, there's nothing flashing red there or possibly even orange.
We have a much more resilient, stronger banking system, and we're not seeing some worrisome buildup in leverage or credit growth at successive levels.
Bitcoin at this time plays a very small role in the payment system.
It is not a stable store of value, and it doesn't constitute legal tender.
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