Jay Powell’s colleagues spent the last week backing a stance the central bank chair hammered home at his last press conference: Interest rates will be...
In a series of speeches and interviews, various Fed officials reinforced they will be taking a careful, measured approach to monetary policy as they digest hotter-than-expected inflation at the start of this year and evaluate whether that picture changes in the coming months.The comments came after the Fed decided on May 1 to keep its benchmark interest rate in a range of 5.25%-5.50%, a 23-year high.
"They might need several months of inflation showing it's coming back down before they'll signal that ... they have confidence to cut," said Esther George, the former president of the Kansas City Fed. That year, the question was when the Fed would raise rates following years of loose monetary policy needed to stimulate an economy damaged by the 2008 financial crisis.It waited all through 2016 for greater confidence needed to raise rates and didn’t do so until the last meeting of the year in December, after Donald Trump had been elected president.
Esther George, left, when she was president of the Kansas City Fed. She is with New York Fed President John Williams, center, and Fed Chair Jerome Powell in 2018. "I think both uncertainty and the need for confidence in both of those periods were kind of the watchword for the FOMC,” she said. "Remember for the US economy, the world's largest economy, the American public, you're not going to play fast and loose with risk.
South Dakota Gov. Kristi Noem is now banned from entering nearly 20% of her state after two more tribes banished her this week over comments she made earlier this year about tribal leaders benefitting from drug cartels. The latest developments in the ongoing tribal dispute come on the heels of the backlash Noem faced for writing about killing a hunting dog that misbehaved in her latest book.
Fed Austan Goolsbee Kansas City Fed John Williams Esther George Neel Kashkari Jay Powell
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