American - Public | January 15, 1958 -
For risk management reasons, we need to make sure we hit our inflation objective at the same time we're at full employment.
Charles L. Evans
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At the end of the day, inflation has been below 2% for quite a long time, and to me, symmetry means getting somewhere above 2% inflation at some point in my Fed career.
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It's a challenge for monetary policy to communicate that our inflation objective is 2 percent.
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If we were to underrun our inflation objective over a period of time that we tried to increase interest rates, I think that would be worrisome.
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Paul Volcker is a tremendous hero with the Federal Reserve system and for the American economy. He took very tough actions and helped to break the back of double-digit inflation at a time when it had to be done.
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I often will state things strongly if I think that it's important.
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When inflation begins to rise, that's a situation we know how to deal with. When the economy is not doing well, and we're stuck at zero, that's one we don't know so much about - or we know about it that it's bad.
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There is nobody who would want, in any way, to lose what Paul Volcker won for the American people by fighting inflation and achieving price stability.
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From the peak in 2007 to the trough in 2009, Americans lost $11 trillion of net worth for households and businesses.
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Central bankers tend to be conservative by nature.
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If the national economy improves, Chicago will improve.
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I believe that the history of Fed policymaking is that, you know, there are times when we need to raise rates.
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