Lyle Gramley
Lyle Gramley
Lyle Elden Gramleywas an American economist. Involved in economic policymaking during the Carter and Reagan presidencies, he served on the Council of Economic Advisers from 1977 to 1980, and on the Federal Reserve Board of Governors from 1980 to 1985...
I don't think we're going to get a yo-yo. We're going to get a first-rate chairman.
aiming bond explicitly fed helpful preference state
My own preference would be for the Fed to state explicitly what it's aiming at, ... That would be helpful in quieting the bond market. But I don't think it's going to happen.
brag bubbling despite economy good greenspan guy indicate inflation likely prove quite recent strong
Greenspan is not a guy likely to brag much, but he'll indicate the economy is still in good condition, that much of the recent bubbling up in inflation is likely to prove transitory, and that fundamentals of the economy are still quite strong despite some of the recent data.
forecast greenspan mention numbers refused testimony
Greenspan did not participate in supplying numbers for that forecast -- he refused to do so -- and sometimes in his testimony he didn't even mention the forecast.
comments secretary seem treasury
It doesn't seem to me at all appropriate for a secretary of the Treasury to make such comments in any event,
aware communication difficult fact improve
I think he's well aware of the fact they need to improve (communication). It's very a difficult thing to do. I think they're improving.
adding confidence consumer higher improving increases indication interpret prices stock wealth
I would interpret higher stock prices in two ways, ... It's an indication of improving confidence in the economy's recovery, and it increases the confidence and wealth of consumers, adding to consumer spending.
background degree expertise monetary pick whoever
whoever they pick has a considerable degree of background and expertise on monetary policy.
apparent basically bubbling earlier fed inflation picture reasonably saw staying year
The apparent bubbling up of inflation we saw earlier in the year has quieted down again. Basically it's a picture of inflation staying reasonably tranquil. The Fed should like that.
happen joe
That wouldn't happen with just any Joe Blow.
along coming employment guess likely meeting next october pause report year
I do think a pause is coming along at some point. My guess has been all along that a pause was more likely in the first meeting of next year than in December. The October employment report strengthens that view.
both dragged himself political response sides
I don't think he'll let himself be dragged into that kind response to both sides of political fence.
I don't think he is going to go way out on a limb.
He's not going to be the world's oracle.