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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recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
that we might have to cut the federal funds rate.
After all, we've moved it up to 1 to 1.25 percent and expect it to go up further.
But a very significant negative shock to the economy could conceivably force us back to the so-called zero lower bound.
We have said if there were that type of material deterioration in the outlook,
where we could face a situation where the federal funds rate isn't a sufficient tool for us to adjust monetary policy.
We might stop roll-offs from our balance sheet and resume reinvestment.
But as long as we believe that we can use the federal funds rate as a tool, that is what we intend to do.
So if there are small changes in the outlook that require a recalibration of monetary policy, we will change our anticipated path and setting of the federal funds rate, but not, for example, change –
the caps on reinvestment or stop, continue reinvestment for a few months and then change it.
We think that provides greater clarity to market participants about how policy will be conducted and will be less confusing and more effective in terms of conducting policy.
So the term trend inflation, usually there are a variety of statistical techniques that can be used to extract a trend from a series.
Exactly what that means is, in some sense, a statistical thing.
And there are methodologies that would show some modest decline in recent years in the trend.
After all, we've had a number of years in which inflation has been low.
As I said in answer to an earlier question, I think if you go back to, say, 2013 and consider...
Until this year, the reasons why inflation was low are not hard to understand.
It's a combination of slack in the labor market, declines in energy prices, and a strong dollar that pulled down import price inflation.
So what's important in determining inflation going forward is inflation expectations.
By some survey measures of professional forecasters, those have been rock solid.
We do also look at household expectations, which have come down some.
Showing 141–160 of 179 · page 8 of 9
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