Quotes of All Topics . Occasions . Authors
There is no risk-free path for monetary policy.
More regulation is not the best answer to every problem.
No single housing finance institution should be too big to fail.
We live in a world defined by the rapid pace of technological change.
Higher asset prices increase wealth and, with a lag, induce higher spending.
Community banks are a crucial part of our economy and the fabric of our society.
We need a national focus on increasing the sustainable growth rate of our economy.
Over time, low rates can put pressure on the business models of financial institutions.
The financial crisis revealed important weaknesses in many areas of our financial system.
As with so many sectors of the economy, technology is transforming the retail banking sector.
The question of how to structure our nation's financial system arose in the early years of the republic.
The TMPG is the place where market participants recognize and address their responsibilities to each other.
The Federal Reserve is committed to fulfilling our statutory mandate of stable prices and maximum employment.
We need a system that provides mortgage credit in good times and bad to a broad range of creditworthy borrowers.
As long as global financial conditions normalize in an orderly fashion, EMEs should have sufficient time to adjust.
Central banking often comes across as obscure and complicated, and we try to help the public understand what we do.
The Congress has tasked the Federal Reserve with achieving stable prices and maximum employment - the dual mandate.
Our discussions of the economy may sometimes ring in the ears of the public with more certainty than is appropriate.
The expectation of gradual policy normalization should reduce the likelihood of outsized movements in interest rates.
The main long-run contribution monetary policy can make is to provide a stable macroeconomic and financial environment.
I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation.
Emerging market economies have long grappled with the challenges posed by large and volatile cross-border capital flows.
We understand that America's prosperity is bound up with the prosperity of other nations, including emerging market nations.
The financial crisis involved significant failures in the functioning, regulation, and supervision of OTC derivatives markets.
A digital currency issued by a central bank would be a global target for cyber attacks, cyber counterfeiting, and cyber theft.
Over the longer run, advanced economy policy actions that strengthen global growth and global trade will benefit the EMEs as well.
Loss-absorbing capacity among banks is substantially higher as a result of both regulatory requirements and stress testing exercises.
AIG's failure revealed systemic problems in the OTC derivatives market that went well beyond the failure of a single market participant.
We do take seriously our obligation to assess whether our reforms are achieving their desired effects without imposing unnecessary burden.
Real short- and long-term rates were relatively high in the late-1990s, so financial excess can also arise without a low-rate environment.
My own experience is that the best outcomes are reached when opposing viewpoints are clearly and strongly presented before decisions are made.
To ensure financial stability, we expect the provision of U.S. government securities settlement services to be robust in nearly all contingencies.
The FOMC has considerable control over short-term interest rates. We have much less influence over long-term rates, which are set in the marketplace.
The success of monetary policy should be judged by the economy's performance against our statutory mandates of price stability and maximum employment.
By purchasing and holding large amounts of Treasury securities and MBS, we put additional downward pressure on term premiums and so on long-term rates.
Bailouts may have been more tolerable in the early 1990s when they were rare and their use for a failing bank was uncertain. That is no longer the case.
Below-target inflation increases the real value of debts owed by households and businesses and reduces the ability of central banks to respond to downturns.
The GSEs became powerful advocates for their own bottom lines, providing substantial financial support for political candidates who supported the GSE agenda.
It is quite plausible that the process of increased fragmentation of production across borders is subject to 'diminishing returns' and has its natural limits.
In a world of global trade and integrated capital markets, it is natural for economic and financial shocks and policy actions to be transmitted across borders.
The too-big-to-fail reform project is massive in scope. In my view, it holds real promise. But the project will take years to complete. Success is not assured.
The only way to ensure that inflation expectations remain safely anchored near the FOMC's target is to keep inflation close to that target on a consistent basis.
The Federal Reserve seeks to support MDIs in a number of ways, including our Partnership for Progress, our program for outreach and technical assistance to MDIs.
The banking industry has traditionally been characterized by physical branches, privileged access to financial data, and distinct expertise in analyzing such data.
There is certainly a role for regulation, but regulation should always take into account the impact that it has on markets, a balance that must be constantly weighed.
I support adjustments designed to enhance the efficiency and effectiveness of regulation without sacrificing safety and soundness or undermining macroprudential goals.
My colleagues on the Board of Governors and I understand the value of having a diverse financial system that includes a large and vibrant contingent of community banks.
Businesses and households react to lower rates by investing and spending more. Lower rates also support the prices of housing and financial assets such as stocks and bonds.
Although I have never worked in a community bank, I have been a customer, and I know from personal experience the special skills that these institutions bring to their customers.
All economic forecasts are subject to considerable uncertainty. There is always a wide range of plausible outcomes for important economic variables, including the federal funds rate.