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jackdog17
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fed_transcripts_cleaned_slim

Dataset card Data Studio Files
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not enough to lower the unemployment rate, and labor productivity seemed to be trending sharply upward.
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falling non-oil import prices likely subtracted 1/4 percentage point from the annual rate of core inflation.10 Finally, the trajectory of federal government debt relative to GDP and views regarding the debt's sustainability can also influence the effects of fiscal policy.
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The effect of a productivity slowdown on employment growth is likewise ambiguous in the medium term.
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Recent increases in house prices and equity prices were positives,
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Countries differ in this regard, both in formal mandate and in actual practice.12 As an extensive academic literature shows, however, the general approach of inflation targeting is fully consistent with any set of relative social weights on inflation and unemployment
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Market-based measures of inflation compensation have declined somewhat
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remained below the Committee's 2 percent longer-run objective, partly reflecting earlier declines in energy prices and in prices of non-energy imports.
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there are some indications that headwinds to global growth may be beginning to abate.
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that is, the capacity utilization rate is lower than would have been expected, based on past experience, at the prevailing unemployment rate.
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I will then discuss the prospects for adjusting monetary policy in the manner needed to sustain a strong job market
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Indeed, over the past century, by far the smallest part of the growth in America's real gross domestic product reflects increased physical product measured in bulk or weight.
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So it’s a serious economic problem for the United States, but it’s—it’s got underlying causes that are not related to monetary policy or to our response to the pandemic.
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The run-up in mortgage rates since the latter part of June was expected to curb housing demand to a limited extent in coming months,
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Faust and others, 2006) and appear to have a strong effect on foreign equity indexes as well.2 In contrast, the effects of foreign short-term rates on U.S. asset prices appear to be relatively weaker.
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multifactor productivity growth fell to a pace of 0.4 percent, the slowest pace of any of the periods shown on the table.
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how long before it becomes a factor driving inflation?
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and it seems to produce results not too different in practice from those associated with central banks that are flexible inflation targeters.
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Therefore, monetary policy in Japan might be affected not only by views about how such policies would affect macroeconomic performance, for given fiscal policies,
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the approach can be applied equally well by "inflation hawks," "growth hawks," and anyone in between.
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too pessimistic on job creation and the decline in the unemployment rate.
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Labor productivity growth slowed to an average pace of 1.4 percent per year over this period,
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Going forward, the question is not only whether inflation will fall in the coming months,
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these participants noted the risk that such cautious attitudes toward hiring could slow the pace at which the unemployment rate normalized.
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still outpace that of potential over this period, leading to a decline in the unemployment rate to historically low levels, as monetary policy was assumed to remain highly accommodative.
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For example, changes in U.S. short-term interest rates seem to exert a substantial influence on euro area bond yields (Ehrmann, Fratzscher, and Rigobon, 2005
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not to target asset prices (or exchange rates).
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also term premiums to compensate for the risk associated with commitments to extend credit so far in the future, including the risk of future inflation.
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One prominent example is the work in behavioral finance on how alternative assumptions regarding rationality can affect predictions for asset prices and saving behavior
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where unemployment continues to fall at a gradual pace as it has been since last September—and we have made some progress since last September
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and inflation rises slowly towards 2 percent.
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