William Poole
William Poole
William Poole, also known as, Bill the Butcher and Bill the Butcher Poole, was the leader of the New York City gang, the Bowery Boys and a leader of the Know Nothings political movement...
allow care market process room
What we need to do is to allow the market ample room to take care of that problem, which the market is in the process of doing,
build sure
We want to make sure that we don't have expectations build of a longer-run problem,
central driving economy inflation responsibility situation stability
Maintaining inflation stability is the central responsibility of the central bank. But we don't want to be in the situation of over-reacting and driving the economy down,
current developed economists formal likely monetary operating properties rule
Monetary economists have not yet developed a formal rule that is likely to have better operating properties than the Fed's current practice,
estimate high higher inflation point risks side skewed upside
I think the inflation risks around the point estimate are skewed to the high side ... I would put a higher probability on an upside surprise,
benign inflation outcome reason similarly
I see no reason why we should not see a similarly benign inflation outcome this year,
desirable highly maximum policy possible practice
It is highly desirable that policy practice be formalized to the maximum possible extent,
aspire clear create policy statements themselves
At a minimum, the (Fed's policy panel) can and should aspire to policy statements that are clear and do not themselves create uncertainty and ambiguity,
communication doubt
I doubt that the transcript would be a very satisfactory communication vehicle.
monetary objective ought policy price takes unwind viewed
How long it takes to unwind from all of that, I don't know, but it ought not to be viewed as an objective of monetary policy to try to stabilize price fluctuations of that sort,
actions difficult experience interpret nuances people personal policy predict press
My personal experience is that I find it exceedingly difficult to predict how people will interpret policy actions and the nuances of the press release.
account adjustment begin believe current fairly quite slow
I believe the current account adjustment will be fairly slow and orderly, and that it may not begin for quite some time,
declines households question suffering
There is no question that many households are suffering declines in real incomes.
account adjustment current deficit disruptive economic fall future growth hard inevitable likely painful question stability whether
The question is not whether the U.S. current account deficit will fall in the future but whether the inevitable adjustment is likely to be painful and disruptive of U.S. economic growth and stability -- a hard landing.