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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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,
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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.
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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.
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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.
I don't think we're going to get a yo-yo, ... We're going to get a first-rate chairman.
I don't think we're going to get a yo-yo. We're going to get a first-rate chairman.
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I don't know what the bond market has been worried about. There's much talk about the possibility of inflation beginning to pick up. I don't see any signs of that at all apart from the rise in energy prices, which we all knew was going to take place.
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If this deterioration continues, I think the chances of another rate cut are going to increase significantly, and I wouldn't rule out the possibility of an inter-meeting move,
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My concern is not with a double-dip recession. It's with the likelihood we are gong to be in an extended period of growth below potential, and that would mean rising unemployment.