Joined the Federal Reserve: May 25, 2012
Left the Federal Reserve: January 31, 2028
Date of Birth: February 4, 1953
| Summary | Lean | Statement Date | Publication Date |
|---|---|---|---|
| 1 A conversation with a Federal Reserve Governor: "We call the process of raising interest rates the normalization process. And so this represents a judgment that we have reached the point at which we can depart from the zero lower bound and begin a gradual process of increasing interest rates. So the reason why you need to do that is that monetary policy -- little things like a 25 basis point increase aren't gonna have a major impact. But over time monetary policy does have a very big impact on the economy and it does so over long periods of time with lags and gaps. So if you so-called "get behind" on monetary policy, you have to raise interest rates too sharply and that can cause a recession. So the right way to go, I think, is to start now with a very small increase and move very gradually to avoid that." | Neutral | December 18, 2015 | December 18, 2015 |