barr
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