đą Possible Warsh Jackson Hole Speech đą
âGood morning.
It is a pleasure to join you here at Jackson Hole.
I want to focus today on how monetary policy should operate in an economy that is changing rapidly.
Our objectives remain clear: 2% inflation and maximum sustainable employment.
But monetary policy does not work through the federal funds rate alone. Financial conditions across the yield curve, credit markets, expectations and asset prices all matter.
Long-term Treasury yields have risen substantially. Those higher yields are already tightening financial conditions for households and businesses. We should pay close attention to that when assessing how restrictive policy already is.
That does not mean the Federal Reserve should target a particular Treasury yield. Treasury and the Fed have different responsibilities, and the Federal Reserve must remain independent.
We are also seeing major changes in productivity, investment and technology, particularly through artificial intelligence. These developments could change the economyâs productive capacity and the appropriate level of interest rates over time.
I will not pre-commit to a particular rate path. The data, financial conditions and the evolving outlook will guide our decisions.
Our framework review will help us better understand these changes and improve how monetary policy responds.
The path ahead will not always be clear. Our responsibility is to remain disciplined, independent and willing to adjust when the evidence changes.
The destination remains clear: 2% inflation and maximum sustainable employment.
Thank you.â
Source: Warsh's recent FOMC communication style, Federal Reserve framework materials, current economic data, and analyst expectations from Reuters, AP, The Washington Post, ABN AMRO, Citi, Allianz Global Investors and DBS.
Possible scenario only â not leaked speech text or Warshâs exact words. $BTC $NVDA $ETH
âGood morning.
It is a pleasure to join you here at Jackson Hole.
I want to focus today on how monetary policy should operate in an economy that is changing rapidly.
Our objectives remain clear: 2% inflation and maximum sustainable employment.
But monetary policy does not work through the federal funds rate alone. Financial conditions across the yield curve, credit markets, expectations and asset prices all matter.
Long-term Treasury yields have risen substantially. Those higher yields are already tightening financial conditions for households and businesses. We should pay close attention to that when assessing how restrictive policy already is.
That does not mean the Federal Reserve should target a particular Treasury yield. Treasury and the Fed have different responsibilities, and the Federal Reserve must remain independent.
We are also seeing major changes in productivity, investment and technology, particularly through artificial intelligence. These developments could change the economyâs productive capacity and the appropriate level of interest rates over time.
I will not pre-commit to a particular rate path. The data, financial conditions and the evolving outlook will guide our decisions.
Our framework review will help us better understand these changes and improve how monetary policy responds.
The path ahead will not always be clear. Our responsibility is to remain disciplined, independent and willing to adjust when the evidence changes.
The destination remains clear: 2% inflation and maximum sustainable employment.
Thank you.â
Source: Warsh's recent FOMC communication style, Federal Reserve framework materials, current economic data, and analyst expectations from Reuters, AP, The Washington Post, ABN AMRO, Citi, Allianz Global Investors and DBS.
Possible scenario only â not leaked speech text or Warshâs exact words. $BTC $NVDA $ETH
