Nick Timiraos

speaker

252 appearances 6 recordings 1 series first heard Sep 2017 last heard Nov 2024

Nick Timiraos’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Fed Chairwoman Janet Yellen's Legacy and Economic Lessons · 31 Jan 2018 podcast

And by the same token, if inflation, which has been a little bit soft for the past year, if inflation were to continue to underperform the Fed's 2% target that they have, then some people might attack her from the left and say, well, wait a minute, why did we really need to raise rates at all? voice-verified

But she's been fairly candid about voice-verified

in saying, you know, we don't have a great picture of what's going on right now, so that's why we should be moving gradually. voice-verified

And that's really something that a lot of people have, for the moment at least, said seems to be the right course. voice-verified

Because Jay Powell voted consistently with Ben Bernanke and then with Janet Yellen, a lot of people see him as a continuity candidate. voice-verified

But he's not Ben Bernanke, and he's not Janet Yellen. voice-verified

Those were two macroeconomists very well regarded within their fields. voice-verified

Powell is not an economist, even though he is well regarded as someone who understands capital markets and finance very well. voice-verified

So he's probably going to bring maybe less of a reliance on the macroeconomic models that have been a bedrock of Fed forecasting, and he may actually pay more attention to signals of voice-verified

financial intermediation and what is happening in the capital markets when the Fed raises rates. voice-verified

And so I would look to see not an immediate shift in how the Fed approaches some of these puzzles, but once he gets his footing, once the transition is further along, people shouldn't just assume that this is Janet Yellen 2.0. voice-verified

I think Jay Powell is going to be very much his own Fed chair. voice-verified

Her view of labor markets. voice-verified

In Ben Bernanke, you had a student of the Great Depression who had to fight the worst financial crisis since the Great Depression. voice-verified

And in Janet Yellen, you had a student of labor markets who was fed short of time and voice-verified

when she was really saying, look, let's live up to the full employment side of the Fed's mandate. voice-verified

The Fed has two mandates, which is to maximize employment and to focus on price stability. voice-verified

But it's always been seen as when the two are in conflict, leaning more towards the price stability mandate. voice-verified

She put more emphasis on the employment side, and she used her deep expertise, her intellectual underpinnings as a labor market economist to really help inform voice-verified

that focus. voice-verified

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