Lyle Gramley
Lyle Gramley
Lyle Elden Gramleywas an American economist. Involved in economic policymaking during the Carter and Reagan presidencies, he served on the Council of Economic Advisers from 1977 to 1980, and on the Federal Reserve Board of Governors from 1980 to 1985...
dynamism momentum none normally recovery seen
This is a very different recovery than any I've seen -- there's none of the dynamism or momentum we normally see,
brag bubbling despite economy good greenspan guy indicate inflation likely prove quite recent strong
Greenspan is not a guy likely to brag much, but he'll indicate the economy is still in good condition, that much of the recent bubbling up in inflation is likely to prove transitory, and that fundamentals of the economy are still quite strong despite some of the recent data.
deflation fed flirting lets needs rates running starts toward worry
I think the Fed needs to worry about the possibility it's flirting with deflation if it lets this go too far. When nominal rates get down toward zero, the Fed starts running out of ammunition.
door fed increase opened
I think the Fed opened the door for a half-percentage-point increase in August, if it's needed,
economy fed growing looking risks strongly upside
The Fed is looking at an economy right now that is growing strongly with upside risks to inflation.
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I can't interpret this report as a weak economy, and I don't think the Fed will either. They are going to persist in moving interest rates up until they see greater indications than what we have now that either the economy is weakening, or inflation is getting under control, or both.
aware communication difficult fact improve
I think he's well aware of the fact they need to improve (communication). It's very a difficult thing to do. I think they're improving.
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This is an economy that's been struggling to keep its head above water for some time, so this kind of a rise in long-term interest rates is not welcome at this point,
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It's entirely possible you could repeal tax cuts without injuring the economy if you did it carefully, over a period of time, while offsetting it in part by increasing expenditures you knew were coming anyway or thought desirable. But you couldn't simply remove the tax cuts altogether right away and avoid significant negative effects to the economy.