American - Public | February 4, 1953 -
The Federal Reserve seeks to support MDIs in a number of ways, including our Partnership for Progress, our program for outreach and technical assistance to MDIs.
Jerome Powell
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The question of how to structure our nation's financial system arose in the early years of the republic.
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Regional interest rate differentials persisted until around the time of World War I and helped shape the attitudes of Americans living in western areas toward the nation's financial system.
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By the beginning of the 20th century, the debate about monetary policy and the nation's financial system had been going on for over a century. Increasingly, the shortcomings of the existing system were causing too much harm to ignore.
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The Federal Reserve and other central banks have adopted broad public policy objectives to guide the development and oversight of the payments system. At the Fed, we have identified efficiency and safety as our most fundamental objectives, as set forth in our Policy on Payment System Risk.
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The Congress has tasked the Federal Reserve with achieving stable prices and maximum employment - the dual mandate.
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Our discussions of the economy may sometimes ring in the ears of the public with more certainty than is appropriate.
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Over time, low rates can put pressure on the business models of financial institutions.
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Real short- and long-term rates were relatively high in the late-1990s, so financial excess can also arise without a low-rate environment.
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If the public understands the central bank's views on the economy and monetary policy, then households and businesses will take those views into account in making their spending and investment plans; policy will be more effective as a result.
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Central banking often comes across as obscure and complicated, and we try to help the public understand what we do.
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All economic forecasts are subject to considerable uncertainty. There is always a wide range of plausible outcomes for important economic variables, including the federal funds rate.
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