Jack Guynn
Jack Guynn
Jack Guynn was the President and CEO of the Federal Reserve Bank of Atlanta from 1996 to 2006. He has retired from that position and been appointed to Oxford Industries, Inc.'s Board of Directors...
carefully data economic effect full growth inflation months moves policy sure track watch
We don't yet know the full economic effect of the policy moves we have already made. In the months ahead, we'll have to watch the data very carefully to make sure that growth is still on track and inflation expectations are well anchored.
almost choices consumers costs doubling energy face gallon gasoline natural near past tough
With gasoline at or near $3 a gallon recently, and other energy costs such as natural gas almost doubling in the past year, consumers may face tough choices in how they allocate their spending.
believe contained continuing forces inflation largely market monetary stance
At this point, I believe inflation and inflation expectations will be largely contained by competitive market forces and continuing adjustments to the stance of monetary policy,
coming cushion including intended monetary policy recession
I think monetary policy coming out of the 2001 recession did what it was intended to do, which was cushion the interest-sensitive sectors of the economy, including housing.
fully
I don't think we really know yet fully how that is going to play out.
additional balanced hold moves speaking whether
I don't think it is possible, speaking for myself, to know whether there will need to be additional tightening moves or whether we are at a place we can hold for a while. We are at a balanced point.
economic five kick maybe pick quick rebuilding spread ten time usual
What we now know is that a rebuilding kick is going to be spread out -- pick a time -- five years, maybe even ten years. We are not going to get the usual quick economic impact.
below close effects expect full growing growth monetary moves output path period plays policy saw sequence settle somewhat
Over the period ahead, as the full effects of the sequence of monetary policy moves plays out, I expect that output growth will settle on a path that is somewhat below what we saw in the first quarter, probably growing at close to the economy's potential.
closer diet explicit fed given hikes less opinion past personal provided rate resist respond steady temptation wondering year
Given the steady diet of 'measured' rate hikes the Fed has provided in the past year and a half, many of you may be wondering when enough is enough. Let me first respond by saying, the closer we get, the less explicit we can be on that point; it's my personal opinion that as policymakers we should resist the temptation to say more than we know at any given time.
along amount point ways
We're now at a point where we have removed a substantial amount of the extraordinary accommodation that was in place when we started this cycle. I still feel that we have a ways to go. We're well along on that path.
committed fed firmly rises unwelcome
The Fed is firmly committed to resisting unwelcome rises in inflation.
falling heard hottest markets prices saw sharp sudden
In some of the hottest coastal markets in the Southeast, I've heard of sharp adjustments and sudden reversals of the frenzied speculation we saw earlier, with prices falling sharply in some markets.
cause concerned moment
I don't see anything at the moment to cause me to be unduly concerned
inflation measurable move
I don't want to see inflation move measurable higher.