US FOMC Member Jefferson Speaks
Federal Reserve FOMC members vote on where to set the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy;
FOMC voting member May 2022 - Jan 2036;
- History
Expected Impact / Date | Description |
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Oct 9, 2024 | Due to deliver a speech titled "The Discount Window: 1990-Present" at the Charlotte Economics Club Lunch. Audience questions expected; |
Oct 8, 2024 | Due to deliver a speech titled "The Discount Window: 1913-2000" at the Dividson College, in North Carolina. Audience questions expected; |
May 20, 2024 | Due to speak about the economy and potential impacts on real estate finance at the Mortgage Bankers Association Secondary and Capital Markets Conference, in New York. Audience questions expected; |
May 13, 2024 | Due to participate in a moderated discussion at an event hosted by the Federal Reserve Bank of Cleveland. Audience questions expected; |
May 8, 2024 | Due to speak about careers in economics at an event hosted by the Federal Reserve, in Washington DC. Audience questions expected; |
Apr 16, 2024 | Due to speak at the Fed's International Research Forum on Monetary Policy, in Washington DC; |
Feb 22, 2024 | Due to speak about the economic outlook and monetary policy at the Peterson Institute for International Economics, in Washington DC. Audience questions expected; |
Nov 14, 2023 | Due to deliver a speech titled "Taking Monetary Policy Decisions under Uncertainty" at the Third High-Level Conference on Global Risk, Uncertainty, and Volatility, in Zurich; |
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- US FOMC Member Jefferson Speaks News
Thank you, Steve, for that kind introduction and for the opportunity to talk to this group today.1 Let me start by saying that I am saddened by the tragic loss of life, destruction, and damage resulting from Hurricane Helene in North Carolina, and throughout this region. My thoughts are with the people and communities affected. For our part, the Federal Reserve and other federal and state financial regulatory agencies are working with banks and credit unions in the affected area to help make sure they can continue to meet the ...
Thank you, President Hicks and Tara Boehmler, for the kind introduction.1 Let me start by saying that I am saddened by the tragic loss of life, destruction, and damage resulting from Hurricane Helene in North Carolina, and throughout this region. My thoughts are with the people and communities affected, including those in the Davidson College family. For our part, the Federal Reserve and other federal and state financial regulatory agencies are working with banks and credit unions in the affected area to help make sure they can continue to meet the financial services needs of their communities. I am happy to be back at Davidson College. This is a special community. I am bound to it by a shared experience defined not by its length, but by its intensity. As I visited with you today, and as I look around this hall, I see the faces of colleagues who became dear friends during the COVID-19 pandemic. Back then, we spoke often about the unprecedented uncertainty we faced. Amidst that uncertainty, however, we supported each other on this campus. Now, looking back, we can attest that this mutual support was vital. I am grateful to have been amongst you during that unprecedented time. Today, I am proud to see that Davidson is stronger than ever. I am excited to be here with you this evening and to talk to you about the history of the Federal Reserve's discount window.2 The discount window is one of the tools the Fed uses to support the liquidity and stability of the banking system, and to implement monetary policy effectively. It was created in 1913 when the Fed was established. Today, more than 110 years later, this tool continues to play an important role. At the Fed, we always look for ways to improve our tools, including our discount window operations. Recently, the Fed published a request for information document to receive feedback from the public regarding operational aspects of the discount window and intraday credit.3 Today, I will do three things. First, I will discuss briefly my outlook for the U.S. economy. Second, I will offer my historical perspective on the discount window, starting in 1913 and ending in 2000. Finally, I will provide a few details about the request for information the Fed recently published. post: JEFFERSON FROM FED: EMPLOYMENT AND INFLATION GOALS ROUGHLY BALANCED post: JEFFERSON ANTICIPATES INFLATION WILL KEEP TRENDING TOWARDS 2%
post: Fed’s Jefferson: Important Not to Focus on Just One Data Point post: FED'S JEFFERSON: THE LABOR MARKET HAS BEEN QUITE RESILIENT. post: FED'S JEFFERSON: IT IS POSSIBLE TO HAVE CONTINUED JOB GROWTH WHILE DISINFLATION CONTINUES. post: FED'S JEFFERSON: IT IS APPROPRIATE TO RETURN TO A MORE NORMAL BALANCE SHEET.
Thank you, Mark, for the kind introduction, and good morning to all of you.1 I am happy to be here. Today, I will do three things. First, I'll share with you my current outlook for the US economy. Second, I'll discuss my thinking on the current stance of monetary policy. Third, I'll review the dynamics of housing prices which can feed into the persistence of inflation. My focus on housing price dynamic stems from the role housing plays in the American economy. For most families, a home is their largest-ever purchase and their most valuable asset. Capital markets professionals in real estate finance, like you, are crucial to the smooth operation of the housing sector. Families making housing decisions rely on a healthy and productive housing finance sector. The housing sector is also one of the most interest rate–sensitive sectors of the economy. As such, it's an important channel of monetary policy transmission. Understanding the various channels of monetary transmission is crucial to fulfillment of the dual mandate given to the Federal Reserve by the Congress: maximum employment and stable prices. This mandate guides my thinking about monetary policymaking. With that, I'll turn to my outlook for the US economy. Aggregate Economic Activity The U.S. economy continues to grow at a solid pace. Adjusted for inflation, GDP was reported to have increased at a 1.6 percent annual rate in the first quarter of 2024. That was a moderation from a 3.4 percent expansion in the fourth quarter of last year. However, private domestic final purchases—which excludes inventory investment, government spending, and net exports and usually sends a clearer signal on underlying demand—grew 3.1 percent in the first quarter. That was about as strong as the second half of 2023. post: Fed's Jefferson: Policy Rate is in Restrictive Territory Jefferson: April’s Better Inflation Reading is Encouraging Jefferson: Long-Term Inflation Expectations Show Americans Believe Fed Will Make Good on 2% Inflation Goal
The Federal Reserve Bank of Cleveland will host the Central Bank Communications: Theory and Practice conference in person in Cleveland, Ohio. The conference will bring together researchers and policymakers to present research findings and discuss key practical issues related to central bank communications. Topics for discussion include the impacts of communications on financial markets; links among communications, monetary policy, and inflation expectations; possible options for improving central bank communications; and challenges ...
Mixed bag today: • Macro (ugly wholesale sales print, implied gasoline demand at decade-lows ex-COVID, GDPNOW up at 4.18%?). • Micro (TRIP exposed as M&A premium evaporates exposing reality of tourism business, UBER hinting at consumer pain, SHOP signaled more consumer pain, AFRM cut revenues forecasts as BNPL schemes falter - more consumer pain, TSLA tumbled on DoJ probe of FSD). • Geopolitical (Rafah invasion begins). But perhaps the most important thing was Fedspeak, which continues to lean hawkish with Collins saying: “The recent ...
The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest. The Federal Reserve conducts the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy; promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad; promotes the ...
Thank you, Matteo. It is my pleasure to welcome you to the 13th International Research Forum on Monetary Policy. The vibrant discussions you will engage in at this conference, and your research more broadly, will help us to understand better the origins and implications of uncertainty. I became a member of the Federal Reserve Board just as it was grappling with the economic after-effects of the pandemic, a once-in-a-century disturbance of worldwide significance. As a result, I know from firsthand experience that understanding the main sources of uncertainty and how best to make monetary policy decisions in the presence of uncertainty are crucial to policymaking. post: *JEFFERSON EXPECTS INFLATION TO DECLINE WITH FED RATE STEADY *JEFFERSON: IF INFLATION PERSISTS, HOLD RATES HIGH FOR LONGER post: FED'S JEFFERSON: RECENT READINGS ON BOTH JOB GAINS AND INFLATION HAVE COME IN HIGHER THAN EXPECTED. post: FED'S JEFFERSON: IN MARCH, HEADLINE PCE WAS 2.7% OVER THE PAST 12 MONTHS BASED ON FED STAFF ESTIMATES, CORE PCE AT 2.8%. post: Fed Vice Chair Philip Jefferson says inflation that proves more stubborn would warrant a longer period of interest rates at their current setting. He doesn't refer to rate cuts as a base case, as he did on Feb. 22 https://t.co/ot8Lx2V9Dd
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