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Fed's Logan: Tariffs have been contributing to inflation
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Twocans
Oct 3, 2025 12:57pm
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Williams: Prepare for the Unexpected Thank you for the kind introduction. Its a great honor to speak at this event recognizing our esteemed colleague and friend, Klaas Knot. As is often the case among central bankers, Klaas and I first met on a rubber raft floating down the Snake River in Wyomings Grand Teton National Park. It was August 2011. Klaas was a rookie monetary policymaker at the time, having been in his role as president of the Dutch National Bank for less than two months. I, on the other hand, was a relatively grizzled veteran with nearly six months under my belt as president of the San Francisco Fed. While we were leisurely cruising downstream, enjoying the wonderful views of nature, our raft suddenly came upon a black bear and two cubs who wereequally leisurelycrossing the river right ahead of us. Carefully, the raft pilot steered us near enough to the bears for close-up photos, but not so near as to get between the mama bear and her cubsthe one thing even a city slicker like me knows never to do. We didnt appreciate it at the time, but this adventure was an omen for the many challenges we would face navigating the unexpected in the years to come.
FED'S MIRAN: ACCESS TO DATA IS IMPORTANT TO MAKING POLICY FED'S MIRAN: HOPEFUL FED WILL HAVE NEEDED DATA BY NEXT FOMC FED'S MIRAN SAYS I DON'T THINK NEUTRAL RATE IS ZERO FED'S MIRAN: NEUTRAL RATE HAS COME DOWN TO BOTTOM END OF ESTIMATES DEREGULATION OF ECONOMY WILL EXPAND ECONOMY'S POTENTIAL Fed's Miran: I am expecting significant services disinflation via housing. Feds Miran Says Bad Tariff Effects Hit Other Countries More Than Us