Richard Clarida

Where do front end rates lie?

end up.

And we still think that neutral for the funds rate is somewhere down around three percent.

But obviously, that's going to depend on where we are in the cycle as well.

You know, I'm not sure about that.

It is important just for the public to know that the board staff does report to the chair.

You know, during my time there, Chair Powell asked me to get very much involved with the staff, and I learned a lot from them.

But it's...

I think there typically have been and always will be changes in staff.

People get promoted.

People moved on.

And I should say during my time at the Fed, the senior staff I worked with was incredibly capable.

So I don't think there'll be any issues there.

Torsten Schlager, I think it's so important that we describe the academics of Richard Clarida.

All that he did was this fancy thing, dynamics, stochastic general equilibrium theory and monetary policy.

John mentioned earlier, do we know the reaction functions?

Do you have an operative theory from the world of Richard Clarida now that's operational?

And, John, conversation after conversation, the assumption is credit markets are going to loosen because we have maybe it's Biden-like stimulus.

I believe the next six months we're full bore ahead.

You know, I'm not sure.