Modest Inflation Paves Way for More QE
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UPDATE: Dudley favors continuing QE following job market slowdown
April 16, 2013 8:00 AM EDT(Updated - April 16, 2013 8:28 AM EDT)
Dudley favors continuing QE following job market slowdown.
UPDATE - Commentary issued by Dudley at the Staten Island Chamber of Commerce event today:
Remarks at the Staten Island Chamber of Commerce, Staten Island, New York
It is always a pleasure to speak with the business community given your important role in the community and in the region. I am particularly pleased to have the opportunity to speak to the Staten Island Chamber of Commerce and to be part of this distinguished panel. Thank you for inviting me today.
As you know I have the honor of serving as the president and CEO of the New York Fed, one of the 12 Federal Reserve Banks that together with the Board of Governors in Washington make up the Federal Reserve System, our nations central bank. As head of the New York Fed I am vice-chairman of the Federal Open Market Committee (FOMC), the body that sets our nations monetary policy.
The Fed was founded 100 years ago in 1913 to advance economic and financial stability. Over this century our nations economic output and standard of living has increased greatly, but the United States also faced many different challengesranging from the Great Depression of the 1930s to the Great Inflation of the 1970s and most recently the financial crisis.
The Federal Reserve is independent from politics and the national government but is subject to oversight by Congress, which has set our dual mandate to promote maximum sustainable employment and price stability. The Federal Reserve is structured to ensure that the economic needs of people and businesses in every part of our country are fully considered in our policy deliberations. What I learn in my visit to Staten Island today is an important input to our policymaking process.
As New York Fed president I try to get out of my New York City office as much as I can to get a sense of regional economic conditions across what is known as the second Federal Reserve District. Ive traveled throughout New York, New Jersey and Puerto Rico in recent years and plan to visit Fairfield County, upstate New York and Queens later this year.
These visits give me the opportunity to explain what the Federal Reserve is doing and to get your thoughts about the state of our economy and the challenges that you face.
Today, I will focus on the economic outlook regionally and nationally. After that, Ill be happy to answer any questions you have about what the Fed does, and about the economic outlook. As always, my views are my own and do not necessarily reflect those of the FOMC or the Federal Reserve System.
Regional Economic Conditions
The financial crisis underscored the fact that the world is a complicated place and that the insights of professional economists and financial experts must be supplemented with a broader set of perspectives from households and businesses. Todays visit is in that spiritI want to talk about what we are seeing in the economy but also to hear from you firsthand about your assessment of economic conditions.
So what do we see? Let me start with basic economic characteristics. While Staten Island is the citys least populous borough, its population has grown steadily and rapidly, more than doubling in the last half-century to close to one-half million residents. On its own, Staten Island is larger than all other cities in the entire New York-New Jersey region, with the obvious exception of New York City.
In many wayshomeownership, educational attainment, income, and demographicsStaten Island more closely resembles the nation than the rest of New York City. For example, the homeownership rate on Staten Island is almost 70 percent, well above the 30 percent average homeownership rate citywide. Still, with a sizable proportion of the boroughs workers commuting to Manhattan (about ¼ of the islands workers or more than 50,000 people) Staten Islands economy is closely tied to the rest of the citys economy, as well as to northern New Jerseys. Thus, when Manhattan sees brisk job growth, the residents of Staten Island have better opportunities.
The New York City economy continues to rebound strongly from the 2008-09 downturnmore strongly than the nation as a whole. The New York Feds... More
FOMC Minutes Released Early; Some Members See QE Halting by Year End
April 10, 2013 9:10 AM EDTThe Federal Reserve released the minutes from their March 19-20 meeting at 9AM Wednesday versus the scheduled 2PM release after they were mistakenly sent to Congress and trade groups early. Some members saw a reduction in QE by mid-year with QE halting by year end.
Below is the part of the FOMC minutes traders are... More
