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
Market-based measures of inflation compensation, as we mentioned in the statement, they have declined and they've been stable in recent months, but they've declined to levels that are low by historical standards.
That might suggest that inflation expectations have come down, but one can't get a clear read.
There are risk premia built in to inflation compensation that make it,
impossible to extract directly what inflation expectations are.
So
You know, there is a miss this year.
I can't say I can easily point to a sufficient set of factors that explain this year why inflation has been as low.
I've mentioned a few idiosyncratic things, but frankly the low inflation is more broad-based than just idiosyncratic things.
The fact that inflation is unusually low this year does not mean that that's going to continue.
Remember that in January and February, core inflation was running over a 12-month basis at around 1.9%, and we look to be very close to 2.
Now, we've had several months of data that have meaningfully pulled that down.
What we need to do is figure out whether or not the factors that have lowered inflation are likely to prove persistent or they're likely to prove transitory.
And that's what we're going to try to be determining on the basis of incoming data.
And you asked me about inflation.
the policy implications.
Of course, if we determined our view changed and instead of thinking that the factors holding inflation down were transitory, we came to the view that they would be persistent, it would require an alteration in monetary policy to move inflation back up to 2%, and we would be committed to making that adjustment.
So I have said that I intend to serve out my term as chair and that I'm really not going to comment on my intentions beyond that.
I will say that I have not had a further meeting with President Trump.
I met with him early in my term and I've not had a further meeting with him.
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