Dennis P. Lockhart

President, Federal Reserve Bank of Atlanta


Joined the Federal Reserve: March 1, 2007

Date of Birth: February 1, 1947


Summary Lean Statement Date Publication Date
1  Fed's Lockhart Says Rising Rates to Create Risks for U.S. Banks: "“For the first time in more than a decade, bankers face the potential of operating in a rising rate environment,” Lockhart said in remarks at a banking conference in Atlanta on Thursday. “Rising rates will create challenges in managing net interest margins and risks...” The FOMC will be “data dependent” in weighing when to raise rates again, “assessing economic and financial conditions as they evolve,” Lockhart said. Low energy prices and concerns about China “have added new complexity” to assessing the U.S. outlook, he said." Neutral February 25, 2016 February 25, 2016
2  Not likely enough new data for first quarter rate hike: Fed's Lockhart: "There may not be enough fresh data on inflation to support a second U.S. interest rate increase in January or March, Atlanta Federal Reserve Bank President Dennis Lockhart said on Monday in comments that help give shape to the Fed's possible rate path... "How much will we know about inflation trends or inflation developments going into the mid-March meeting? We will have some data but not a great deal more," Lockhart told reporters after a speech in Atlanta." Dovish January 11, 2016 January 11, 2016
3  Post-Liftoff, Peering into 2016: "I'd like to be more definitive in predicting future rates, but the degree of uncertainty—particularly as regards global influences on our economy—affirms the wisdom, in my opinion, of letting the economic data do the talking. This means there is necessarily some tension between clarity of direction and policy optionality. It's not possible to max out both. I think the Committee has struck a reasonable balance under the current circumstances." Neutral January 11, 2016 January 11, 2016
4  Atlanta Fed prez: Judge us on rate hike in a year: "As those challenges subside and as a more normal economy developed, to me, it became more and more clear that it was time to normalize interest rates. Now, exactly what normal interest rates look like remains to be seen. And will be a question of how the economy performs. But I and my colleagues believe that zero is not normal." (The interview did not actually take place on December 23rd, but the article doesn't say when it happened.) Neutral December 23, 2015 December 23, 2015
5  Fed's Lockhart Suggests Pace of Four Rate Increases Over a Year: "“Moving up gradually means not every meeting, in all likelihood,” Lockhart said in an interview Monday with WABE, the Atlanta public broadcasting radio station. “The rate of rising interest rates will be more like every other meeting.”" Hawkish December 21, 2015 December 21, 2015
6  Fed’s Lockhart Says He Is Ready for Interest-Rate Liftoff: ""I'm ready for a decision to lift off" and push rates up from the near-zero setting they have rested at since December 2008, he told The Wall Street Journal. "I'm satisfied" the criteria set by the Fed to determine when to raise rates "have been substantially met."" Hawkish December 7, 2015 December 7, 2015
7  Fed's Lockhart: Markets well-prepared for liftoff: "The economic conditions are satisfactory and the financial markets are well-prepared for the Federal Reserve to increase interest rates next week, Atlanta Fed President Dennis Lockhart said Monday. The economy is on a "solid, moderate path," growing closer to 2 percent than 3 percent, Lockhart said on CNBC's "Squawk Box." Lockhart, a centrist, is a voting member on the Federal Open Market Committee policymaking group." Hawkish December 7, 2015 December 7, 2015
8  The State of the Sunshine Economy: "I think I'll be in a position to support that decision [raising interest rates in the December FOMC meeting] providing leading up to the meeting nothing drastically changes in the current position of the economy or the outlook." (It is not clear on which date this interview actually took place.) Hawkish December 7, 2015 December 7, 2015
9  Assessing Economic Conditions for Liftoff: "There are two weeks to go, with additional data still to arrive. That said, absent information that drastically changes the economic picture and outlook, I feel the case for liftoff is compelling." Hawkish December 2, 2015 December 2, 2015
10  Outlook and Policy Views: "So, I'm comfortable with moving off zero soon, conditioned on no marked deterioration in economic conditions. Given my reading of current conditions and my outlook views, I believe it will soon be appropriate to begin a new policy phase." Hawkish November 19, 2015 November 19, 2015
11  Fed officials again flag December; see smooth rates liftoff: ""I am now reasonably satisfied the situation has settled down ... So I am comfortable with moving off zero soon, conditioned on no marked deterioration in economic conditions," Lockhart told a conference of bankers, traders and regulators. "I believe it will soon be appropriate to begin a new policy phase," he said, adding he will monitor economic data between now and a meeting on Dec. 15-16, for which he has a vote on policy." Hawkish November 18, 2015 November 18, 2015
12  The Transition from Extraordinary to "Normal": "I expect to see a subsiding of the risks that appropriately led, in my opinion, to a policy hold in September and October. I think the case for liftoff will continue to firm up." Hawkish November 5, 2015 November 5, 2015
13  Lockhart Says Improving U.S. Job Market Supports '15 Liftoff: "Federal Reserve Bank of Atlanta President Dennis Lockhart said an improving U.S. job market warrants an interest-rate increase this year, reinforcing the message from other officials in recent days that they remain on track for liftoff in 2015. "We are getting much closer to the finish line from the point of view of whatever you would consider full employment," Lockhart told reporters Monday after a speech in Orlando, Florida. "I would expect to continue to make progress. So the beginning of normalization of interest rates I think is quite justifiable in the context of continuing progress of multiple measures of employment."" Hawkish October 12, 2015 October 12, 2015
14  An Economic Narrative: "To wrap up, I believe the economy remains on a satisfactory track, and, speaking for myself, I see a liftoff decision later this year at the October or December FOMC meetings as likely appropriate. However, the data are giving off varied signals, and there is more ambiguity in the current moment than a few weeks ago." Hawkish October 9, 2015 October 9, 2015
15  Comments on the Recent Monetary Policy Decision: "In my vote at the recent FOMC meeting, I put most of the decision weight on prudent risk management around recent and current market volatility. As things settle down, I will be ready for the first policy move on the path to a more normal interest-rate environment. I am confident the much-used phrase "later this year" is still operative." Hawkish September 21, 2015 September 21, 2015
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