Last quote by Stanley Fischer
Stanley Fischer quotes
On more expansionary fiscal policy, I think many members of Open Market Committee and Federal Reserve Board have commented that it would be useful to have a more expansionary fiscal policy. These statements were made over several months recently. I'm on record with that as having believed that.
There is fiscal policy, and in this particular instance it could be used for a quite a few reasons, and we have to see what happens.
In my view, the prospects of a continued steady expansion in the U.S. economy are maximized to the extent that we proceed with a gradual removal of accommodation.
The labor market has, by and large, had a pretty good year.
It will be answered by the behavior of output and inflation as we approach and perhaps to some extent exceed our employment and inflation targets.
The limitation on monetary policy imposed by low trend interest rates could therefore lead to longer and deeper recessions when the economy is hit by negative shocks.
So we're not in deep trouble with monetary policy at the moment.
We could be stuck in a new longer-run equilibrium characterized by sluggish growth and recurrent reliance on unconventional monetary policy.
People aren't excited about growth prospects.
Unemployment is somewhere very close to the natural rate. I think we're close to full employment.
Ultralow interest rates may reflect more than just cyclical forces, but "be yet another indication that the economy's growth potential may have dimmed considerably.
We are beginning to see the fruits of a higher pressure labor market.
We need–and by that I mean society as a whole needs–a more diverse set of practitioners in economics, practitioners who may perceive different questions to be important and different answers to be more persuasive.
These are steps on what will be a long road.
I think what the Chair said today was consistent with answering yes to both of your questions.
The problem with this economy is there is so many numbers each day. You have to try and figure out what is the main thrust of what's going on in the economy. You can always find a set of data that will enable you to build a different case. That's the hard part.
Everything that's being argued here is being argued in the board as well.
If you look at economists, they think there's a 75 percent chance of a rate hike in December, and then you look at the market, and they're saying there's about a 50-50 chance.
We're going to have to wait and see. Our direct trade with Britain is not going to make a huge difference to us, but ... there are a lot of things that will follow from Brexit for Europe, for the United Kingdom, and those are the things we'll have to be thinking about.
Those figures are more important for the U.S. outlook than a Brexit.
We will do what we have to do in accordance with the law. We are not going to get into, Oh, it's the elections, we can't do anything.
What we need most...is faster potential growth.
Spending indicators in January point to a pickup in economic growth this quarter.
However…further declines in oil prices suggest that total inflation will likely remain low for somewhat longer than had been previously expected before moving back to 2 percent.
If you look narrowly at consumer spending it's gone up and you can see consumer spending has been sustained at a higher level because of the decline in oil prices.
The continuing declines in the price of oil are quite important in the overall price index. [But] taking account of the exchange rate, and the price of oil and food, we'd be at about 1.4 percent now.
We watch what the market thinks, but we can't be led by what the market thinks.