• Sees 12 month lag between policy change and impact.

I am assuming that more than one question was asked , I will revert later with details. (if any)

  • Says lowering interest paid on excess bank reserves would have minimal impact on the economy . -rtrs
  • Sees ‘some room ‘ to reduce IOER.
  • Says inflation running below Fed’s target .
  • Says unemployment is ‘quite elevated’.