Robert S. Kaplan

President, Federal Reserve Bank of Dallas


Joined the Federal Reserve: September 8, 2015


Summary Lean Statement Date Publication Date
1  Discussion of Economic Conditions and Implications for Monetary Policy: "While I believe that excessive accommodation carries a cost in terms of distortions and imbalances in hiring, asset allocation and investment decisions, I also believe that, at this juncture, the Fed needs to show patience in decisions to remove accommodation. Again, this is particularly true in light of key global secular trends as well as recent developments relating to slowing global economic growth and tightening financial conditions." Dovish March 3, 2016 March 3, 2016
2  Fed's Kaplan Says FOMC Can Take Its Time to Weigh Policy Move: "Federal Reserve Bank of Dallas President Robert Kaplan said recent inflation readings were encouraging, but urged patience in judging the ramifications of turbulent financial markets for the timing of the next interest-rate increase. “One of the things that you have as an asset is time,” he told reporters Wednesday after delivering remarks at an event in Dallas. “For me, I would like to take more time.”" Dovish February 24, 2016 February 24, 2016
3  Dallas Fed chief Robert Kaplan urges caution on rate rises: "Now was a time for patience as the Federal Reserve seeks to understand the impact of financial market turbulence and slowing growth in other economies, said Mr Kaplan, who does not vote on Fed rates this year but takes part in the debate. “In order to reach our inflation objective we may need to be more patient than we previously might have thought,” he said. “If that means we take an extended period of time where we stop and don’t move, that may also be necessary. I am not prejudging that.”" (It is not clear on which date this interview took place. Dovish February 23, 2016 February 23, 2016
4  Fed's Kaplan calls for patience; traders see no 2016 rate hikes: "The Federal Reserve should be "patient" on interest rate increases, the new chief of the Dallas Federal Reserve Bank said on Thursday, joining a growing chorus of U.S. central bankers signaling rates may stay low for longer. "This is a time for patience and analysis, and really assessing data, because there has been some slowing," Robert Kaplan told reporters after speaking before the Real Estate Council in Dallas. "Certainly financial conditions have tightened, and we know that non-U.S. growth is weakening, and I have got to take that into account as a policymaker."" Dovish February 4, 2016 February 4, 2016
5  Fed will be patient on U.S. policy given global risks: Kaplan: "The Federal Reserve will be patient as it decides how trouble overseas could hit the U.S. economy, a Fed policymaker said in an interview, suggesting the central bank will be slower to raise interest rates this year. Dallas Fed President Robert Kaplan said on Friday it was "significant" that the Fed decided this week to no longer describe the risks to the U.S. economy as being "balanced," a term that meant officials were comfortable with their view of the outlook." Dovish January 29, 2016 January 29, 2016
6  Fed's Kaplan: four hikes not a sure thing in 2016: "Four U.S. interest-rate hikes are "not baked in the cake" for the Federal Reserve this year, particularly given global stock market volatility set off by fears over a cooling Chinese economy, a top Fed official said on Monday... Kaplan said he is not sure there will be enough economic data before the Fed's next policy meeting in late January to justify raising rates then, but "between now and March I think there will be."" Dovish January 11, 2016 January 11, 2016
7  Economic Conditions and Monetary Policy in a Changing World: "I believe that continuing along the path of monetary policy normalization is important. There are various costs to maintaining excessive accommodation for too long—particularly in terms of potential distortions in investment, inventory and hiring decisions, which may need to be (painfully) unwound when policy normalizes. My experience is that these imbalances are sometimes easier to recognize in hindsight." Hawkish January 11, 2016 January 11, 2016
8  A Discussion of Economic Conditions and Federal Reserve Policy: "In light of all these factors, it will likely be appropriate that U.S. monetary policy remain accommodative for some time...However, accommodative policy does not necessarily mean a zero fed funds rate. There are various costs to maintaining a zero fed funds rate for too long—particularly in terms of potential distortions in investment and business decisions...These are all issues that will have to be assessed and reassessed as the economic outlook unfolds. In my view, the FOMC—in the previous two meetings—has been prudent in waiting for more data before taking policy action." Neutral November 18, 2015 November 18, 2015
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