Michael S. Derby
speaker
50 appearances
1 recordings
1 series
first heard Jan 2019
last heard Jan 2019
Michael S. Derby’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Fed Members Leaning Away From Interest Rate Increases · 10 Jan 2019
podcast
He also made the point, and I didn't put it in the story just because there's only so much you can put in a story, that he never wanted the Fed to be doing what it's doing right now with this sort of automatic roll-off of its balance sheet.
He actually always preferred a more dynamic thing where the Fed would change the pace of runoff
much like it changes short-term interest rates.
But he acknowledges he didn't win that debate.
For now, he thinks that just keeping things on autopilot, it's what people expect.
It's not an issue.
So he'd like to, from what I've seen, almost all of his colleagues right now would like to keep the balance sheet run off on autopilot.
I suppose it's an effort not to add an additional complication to an already pretty complex landscape.
Thank you for having me.
I appreciate it.
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