Michael Moskow
Michael Moskow
Michael H. Moskowis currently vice chairman and senior fellow on the global economy at the Chicago Council on Global Affairs. From 1994 to 2007, he served as president and chief executive officer of the Federal Reserve Bank of Chicago. In that capacity, he was a member of the Federal Open Market Committee, the Federal Reserve System's most important monetary policy-making body...
entails further inflation likely monetary policy removal
It will take appropriate monetary policy to keep inflation and inflation expectations well contained. For me, at this time, such policy likely entails further removal of policy accommodation,
aggregate allow changes gradual policy time
These gradual aggregate changes would allow time for any appropriate recalibration of policy -- if, in fact, one is needed,
continue federal funds means neutral policy reduce return
For me, appropriate policy means that we continue to reduce accommodation and return to a neutral federal funds rate,
against insurance maintain monetary order policy provide unwelcome
It is appropriate to maintain an accommodative monetary policy stance, in order to provide some insurance against unwelcome disinflation,
believe consistent currently inflation monetary near policy price range
Inflation currently is near the upper end of the range that I feel is consistent with price stability. As such, I believe monetary policy must be vigilant.
believe capacity excess
We still believe that (there is) excess capacity in the economy,