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...
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.
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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.
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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.
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Being Fed chairman only increases his value that much more.
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His answer was an honest one -- I think the markets misinterpreted what I said.
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The Fed is looking at an economy right now that is growing strongly with upside risks to inflation.
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The Fed will be content to sit on the sidelines to await more definitive evidence as to whether inflation is going to be a problem or not, ... Setting the election aside entirely, the Fed, looking at the incoming data, would say to itself 'right now we don't want to raise interest rates and we don't need to raise interest rates.'
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This is a very different recovery than any I've seen -- there's none of the dynamism or momentum we normally see,
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Not only is he as mentally acute as the average 77-year-old, he's as acute as the average 27-year-old. He has a phenomenal mind and very good judgment, ... People close to the decision-making at the Fed are almost unanimously in great praise of him, as I would be. I think it's a wonderful thing for the Fed and for the country that he's being kept on.
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If you raise interest rates in the face of what you know will be some pretty awful economic numbers, you must have a lot of confidence about the economy's ultimate recovery and a lot of concern about inflation.
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I don't think the evidence that small businesses are affected adversely is terribly compelling, ... I think tax cuts had a useful role in getting the economy going again, but we probably could have accomplished much of that with a narrower, more focused tax cut.
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I don't think there's any doubt they'll go to 5 percent in May. I expect them to sit still after that.
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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.
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I don't think he'll let himself be dragged into that kind response to both sides of political fence.