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...
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I can't interpret this report as a weak economy, and I don't think the Fed will either. They are going to persist in moving interest rates up until they see greater indications than what we have now that either the economy is weakening, or inflation is getting under control, or both.
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It's entirely possible you could repeal tax cuts without injuring the economy if you did it carefully, over a period of time, while offsetting it in part by increasing expenditures you knew were coming anyway or thought desirable. But you couldn't simply remove the tax cuts altogether right away and avoid significant negative effects to the economy.
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This is a situation where the uncertainties have suddenly become huge. If all the concerns translate into much lower personal spending, then the economy could falter.
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This is an economy that's been struggling to keep its head above water for some time, so this kind of a rise in long-term interest rates is not welcome at this point,
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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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The Fed is looking at an economy right now that is growing strongly with upside risks to 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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The markets are helping the Fed accomplish what it's seeking, to slow down the economy a bit, take some of the froth off,
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What the Fed is trying to do, by being more transparent and more communicative, is highly desirable. But there are going to slips along the way. Ben will learn and the markets will learn.
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Crisis management has been elevated to a very fine skill under his tutelage.
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That wouldn't happen with just any Joe Blow.
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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.
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whoever they pick has a considerable degree of background and expertise on monetary policy.
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It doesn't seem to me at all appropriate for a secretary of the Treasury to make such comments in any event,