William Poole, also known as, Bill the Butcher and Bill the Butcher Poole, was the leader of the New York City gang, the Bowery Boys and a leader of the Know Nothings political movement...
There is no question that many households are suffering declines in real incomes.
What we need to do is to allow the market ample room to take care of that problem, which the market is in the process of doing,
The fact that housing might turn a little bit weak is not a sign that economic growth is at risk, but rather that you have displacement from one sector to a different sector.
We want to make sure that we don't have expectations build of a longer-run problem,
Maintaining inflation stability is the central responsibility of the central bank. But we don't want to be in the situation of over-reacting and driving the economy down,
No one knows for certain whether the economy can escape an actual decline in real GDP, but the fact that we have done so to date and that many adjustments are now well along suggests that we have an excellent chance of doing so,
Monetary economists have not yet developed a formal rule that is likely to have better operating properties than the Fed's current practice,
I believe the current account adjustment will be fairly slow and orderly, and that it may not begin for quite some time,
From what I know of that situation, markets are handling it very well,
I think the inflation risks around the point estimate are skewed to the high side ... I would put a higher probability on an upside surprise,
It is highly desirable that policy practice be formalized to the maximum possible extent,
Jerry, entertainment spending for sports may be a problem in Cleveland, but it is doing just fine in St Louis!
My view is that the economy is on a very solid track. As long as the inflation rate stays where it is there's no reason not to have the economy continue to grow.
My personal experience is that I find it exceedingly difficult to predict how people will interpret policy actions and the nuances of the press release.
I would not expect any precipitous decline in housing. I would expect it to just be leveling off, and you would see new source of growth from business fixed investment.
Unlike the situation a year ago...at this point I very much go meeting by meeting by meeting.
We don't have any schedule in front of us.
The question is not whether the U.S. current account deficit will fall in the future but whether the inevitable adjustment is likely to be painful and disruptive of U.S. economic growth and stability -- a hard landing.
We should not just be on auto pilot, ... Policy is and should be responsive to incoming data. We need to be open to reading that evidence, not just continuing a policy course that we thought we locked in.
We've been on a course of raising interest rates. The language in the last (Federal Open Market Committee) statement suggests that there was more to come...If we had wanted a different interpretation, we would have said something different,
We should continue that process as long as we have the view that the underlying economy is pretty robust...and the inflation risks are skewed to the upside,
I see no reason why we should not see a similarly benign inflation outcome this year,
There will be some pressures on households, and that will be particularly true if we have a cold winter and natural-gas prices go up even further.
Other economy-wide developments, especially income and employment growth, typically exert a much greater influence on the consumer's pocketbook and spending habits than does the state of the housing industry.
Our aim is to keep inflation, in general, down. If I had to pick a point, it is to keep these broad measures in a one to two percent range.
that one might reasonably regard as commercially significant.
At a minimum, the (Fed's policy panel) can and should aspire to policy statements that are clear and do not themselves create uncertainty and ambiguity,
It is quite clear that the markets understand Fed policy to a much better extent than before.
It will be in the interest of future Fed chairmen to commit to pursue policy regularities that work well,
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I have no doubt that both the (policy-setting) FOMC (Federal Open Market Committee) and the market would respond to surprises in core inflation that seem likely to persist and to indicate a developing inflation problem,
I have no doubt that both the FOMC (Federal Open Market Committee) and the market would respond to surprises in core inflation that seem likely to persist and to indicate a developing inflation problem.
I, myself, am not looking beyond one meeting because I think that we are close enough to the region that is equilibrium.
I doubt that the transcript would be a very satisfactory communication vehicle.
How long it takes to unwind from all of that, I don't know, but it ought not to be viewed as an objective of monetary policy to try to stabilize price fluctuations of that sort,
The market has a high degree of confidence the Fed will avoid