Joined the Federal Reserve: May 28, 2014
Left the Federal Reserve: January 31, 2020
Date of Birth: October 15, 1943
| Summary | Lean | Statement Date | Publication Date |
|---|---|---|---|
| 1 Reflections on Macroeconomics Then and Now: "Since the U.S. economy is now below our 2 percent inflation target, and since unemployment is in the vicinity of full employment, it is sometimes argued that the link between unemployment and inflation must have been broken. I don't believe that. Rather the link has never been very strong, but it exists, and we may well at present be seeing the first stirrings of an increase in the inflation rate--something that we would like to happen." | Hawkish | March 7, 2016 | March 7, 2016 |
| 2 Recent Monetary Policy Developments: "Now, with our next FOMC meeting just three weeks away, I expect most of you are less interested in what we did at our previous meetings, and more interested in what we are going to do at the next one. I can't answer that question because, as I have emphasized in the past, we simply do not know. The world is an uncertain place--sometimes more uncertain than at other times--and all monetary policymakers can really be sure of is that what will happen is often different from what we currently expect. That is why the Committee has indicated that its policy decisions will be data dependent, which is to say that we will adjust policy appropriately in light of economic and financial events to best foster conditions consistent with the attainment of our employment and inflation objectives." | Neutral | February 23, 2016 | February 23, 2016 |
| 3 Recent Monetary Policy: "Now, I expect that in a few minutes one of you will ask not about what we did at our last meeting, but rather what we are going to do at the next one. I can't answer that question because, as I have emphasized in the past, we simply do not know. The world is an uncertain place, and all monetary policymakers can really be sure of is that what will happen is often different from what we currently expect. That is why the Committee has indicated that its policy decisions will be data dependent. That is, we will adjust policy appropriately in light of economic and financial events to best foster conditions consistent with the attainment of our employment and inflation objectives." | Neutral | February 1, 2016 | February 1, 2016 |
| 4 Fed's Fischer: Markets missing mark on future rates: "Federal Reserve Vice Chairman Stanley Fischer told CNBC on Wednesday the financial markets are underestimating the trajectory of future interest rates. "We watch what the market thinks, but we can't be led by what the market thinks," Fischer told CNBC's "Squawk Box." He added that market expectations of the number of future rate hikes are "too low." According to the December median predictions from central bankers, the Fed may increase rates four more times this year." | Hawkish | January 6, 2016 | January 6, 2016 |
| 5 Emerging Asia in Transition: "In the relatively near future probably some major central banks will begin gradually moving away from near-zero interest rates. The question here is whether the emerging market countries of Asia--and, indeed, of the world--are sufficiently prepared for these decisions, to the extent that potential capital flows and market adjustments can take place without major macroeconomic consequences. While we continue to scrutinize incoming data, and no final decisions have been made, we have done everything we can to avoid surprising the markets and governments when we move, to the extent that several emerging market (and other) central bankers have, for some time, been telling the Fed to "just do it."" | Neutral | November 19, 2015 | November 19, 2015 |
| 6 The Transmission of Exchange Rate Changes to Output and Inflation: "The October 2015 FOMC statement indicated that it may be appropriate to raise the target range for the federal funds rate at the next meeting in December, though the outcome will depend on the Committee's assessment of the progress--realized and expected--that has been made toward meeting our goals of maximum employment and price stability." | Neutral | November 12, 2015 | November 12, 2015 |
| 7 U.S. Economy and Monetary Policy: "The September statement notes that we are monitoring developments abroad. Nonetheless, we do not currently anticipate that the effects of these recent developments on the U.S. economy will prove to be large enough to have a significant effect on the path for policy. That said, recent employment reports have been somewhat disappointing and, as always, we are closely monitoring developments that could affect our sense of the economic outlook and the risks surrounding that outlook." | Hawkish | October 11, 2015 | October 11, 2015 |