- I expect teams to begin work “in the next few weeks.”
- Most or all will expire by the end of the year
The “for no reason” comment is hardcore.
more:
- Inflation is determined primarily by monetary policy
- We have the potential to achieve 2% and that is exactly what we will do
- We cannot provide advance directives, we will meet again in six weeks
- Housing policy seems somewhat restrictive, but it is difficult to say this about financial markets
- Policymakers do not feel tied to points
- Very open to communication
- Colleagues have been very open about the changes
Kevin Warsh
More importantly, he repeatedly talked about implementing the Fed’s mandate, immediately highlighting the price stability part and not mentioning the employment aspect of the mandate.
“The Fed statement says that inflation is determined primarily by monetary policy. I’d bet on it. I’ve said for years that inflation is a choice. You’d bet it is.”
“We have missed inflation for five years and we will fix that.”
- Criticizes survey data statistics
- Markets react best when they react to incoming information, not “how will the Fed react?”
