American - Public | August 13, 1946 -
We're charged by Congress with regulating financial institutions. We take that mission seriously. We are tough supervisors and regulators.
Janet Yellen
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If we were to raise interest rates too steeply, and we were to trigger a downturn or contribute to a downturn, we have limited scope for responding, and it is an important reason for caution.
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It's pretty rare to just talk to people who are having a tough time in the economy, to hear their individual stories.
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When I was very young, my father had an accident. He fell down a flight of stairs, fractured his skull, and lost sight in one eye.
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My parents were born in 1906 and 1907. I think the experience of the Depression greatly influenced the way they thought about the world.
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It's appropriate for the Fed to gradually and cautiously increase our overnight interest rate over time.
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Increased business sales would almost certainly raise the productive capacity of the economy by encouraging additional capital spending, especially if accompanied by reduced uncertainty about future prospects.
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If strong economic conditions can partially reverse supply-side damage after it has occurred, then policymakers may want to aim at being more accommodative during recoveries than would be called for under the traditional view that supply is largely independent of demand.
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New policy tools, which helped the Federal Reserve respond to the financial crisis and Great Recession, are likely to remain useful in dealing with future downturns.
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U.S. economic activity continues to expand, led by solid growth in household spending. But business investment remains soft, and subdued foreign demand and the appreciation of the dollar since mid-2014 continue to restrain exports.
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Our ability to predict how the federal funds rate will evolve over time is quite limited because monetary policy will need to respond to whatever disturbances may buffet the economy.
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Some degree of inequality in income and wealth, of course, would occur even with completely equal opportunity because variations in effort, skill, and luck will produce variations in outcomes.
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