Michael Barr nominate to Federal Reserve Board of Governors
FOMC member Barr is on the wires saying:
- Fed is at a point where we can proceed carefully on monetary policy.
- Most important question is not whether an additional rate hike is needed this year.
- Most important question is how long we will need to hold rates at a sufficiently restrictive level. I expect it'll take some time.
- Full effects of past tightenings are yet to come in the months ahead
- There has been a Lotta progress on inflation.
- Economic activity has been considerably more resilient than expected.
- Sees higher probability than previously for a soft landing.
- Labor market is tight, but supply and demand are coming into better balance.
- Baseline projections is for below potential GDP growth over next year and further softening of labor market.
- Monetary policy a blunt tool. Likely not appropriate to address specific financial stability threats.
- Supervisors expect banks to be ready and willing to use discount window