Eric S. Rosengren

President, Federal Reserve Bank of Boston


Joined the Federal Reserve: July 23, 2007

Date of Birth: June 3, 1957


Summary Lean Statement Date Publication Date
1  Prospects for Returning to More Conventional Monetary Policy: "In my own view, if inflation is slower to return to target, monetary policy normalization should be unhurried. A more gradual approach is an appropriate response to headwinds from abroad that slow exports, and financial volatility that raises the cost of funds to many firms. Of course, my view could change if we were to experience a more rapid abatement of headwinds, or much stronger domestic economic growth than I am currently anticipating." Dovish February 16, 2016 February 16, 2016
2  Boston Fed chief upbeat about region’s economy: "Rosengren, who this year becomes a voting member of the Open Market Committee, the Fed’s rate-setting panel, said policy makers will watch data closely as they determine if, when, and by how much to raise short-term interest rates. Last month, the Fed raised its benchmark short-term rate by a quarter-point after having held it near zero for seven years. “A lot of the weak data has been in the last two weeks,” Rosengren said. “We need more time to see how things shake out.”" Neutral January 15, 2016 January 18, 2016
3  Early Observations on Gradual Monetary Policy Normalization: "The future path of the federal funds rate will be highly dependent on our evolving outlook, which will, of course, respond to the incoming economic data. My hope is that the economy continues to improve, so that further normalization is appropriate. Further increases in rates are in my view likely to be gradual. Importantly, I will remain highly attentive to foreign economic conditions, any weakening of the domestic economic situation, and the path of U.S. inflation." Neutral January 13, 2016 January 13, 2016
4  FT interview with Eric Rosengren: "My own personal view is we should have a flexible approach to thinking about the path with gradual being the important consideration, but we are still not near 2 per cent inflation. By the core PCE at 1.3 per cent we are still pretty far away. What gives me reasonable confidence about the path of inflation is the fact that the labour market slack seems to be diminishing relatively quickly. But I would want to continue to see progress on wages and prices moving up. If we weren’t seeing wages and prices moving up over time our willingness to keep raising rates would go down." Neutral November 12, 2015 November 15, 2015
5  "Assessing the Economy’s Progress": "As the October FOMC statement indicated, all future Committee meetings – including December’s – could be an appropriate time for raising rates, as long as the economy continues to improve as expected. However, with inflation still below the target, I believe the path of increases should be gradual, once we do move off the zero lower bound." Neutral November 9, 2015 November 9, 2015
6  Even after jobs report, Fed’s Rosengren not convinced economy has hit a soft patch: "So while we did get a weak jobs report, I don’t think that, by itself, would prevent us to necessarily have the same conditions that we put down in the SEP, which the vast majority of people thought would be sufficient to start raising rates. Now if instead of getting what we thought was going to occur in the SEP, we instead get a series of data that are much weaker, and that this jobs report is signaling much weaker, then we obviously shouldn’t do anything. And so it does depend on how the additional data comes in." (Interview appears to have taken place on 10/5, although this is not confirmed.) Neutral October 5, 2015 October 6, 2015
7  Despite 'weak' jobs report, Fed's Rosengren still sees 2015 rate hike: "Eric Rosengren still expects the Federal Reserve to raise interest rates this year despite what the head of the Boston Fed called a "weak" September jobs report, which could signal a more significant economic slowdown that delays the policy tightening." (It is unclear whether this interview took place on 10/3 or 10/4.) Hawkish October 4, 2015 October 5, 2015
8  Fed's Rosengren Says 2% Growth Needed for Rate Liftoff This Year: "Federal Reserve Bank of Boston President Eric Rosengren said the U.S. economy needs to be growing at a 2 percent pace in the second half of the year to justify an interest-rate increase by December." Neutral October 3, 2015 October 5, 2015
9  Fed’s Rosengren: If Weak Jobs Data Continues, Fed Should Delay Rate Rises: "Federal Reserve Bank of Boston President Eric Rosengren said Saturday that his confidence that the U.S. central bank can raise rates soon has diminished in the wake of underwhelming employment data." Dovish October 3, 2015 October 5, 2015
10  Fed's Rosengren says supports 2015 rate hike: Fox Business Network: ""I actually think it would be appropriate to start raising rates by the end of the year if we continue to get positive data," Rosengren told Fox Business Network in the interview. "I think many other participants in the meeting are expecting to continue to have a strong U.S. economy, and as long as the U.S. economy is continuing to improve, and we think labor markets will tighten up, it will be appropriate to start raising rates sometime this quarter."" Hawkish October 2, 2015 October 2, 2015
11  Q. and A. With Fed’s Eric Rosengren: Still Bullish on Economy: "Mr. Rosengren acknowledged that the Fed was unlikely to raise rates at its next meeting, in late October, but said he continued to view an increase in the near future as the most likely and appropriate outcome." Hawkish October 2, 2015 October 5, 2015
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