Michael Moskow
Michael Moskow
Michael H. Moskowis currently vice chairman and senior fellow on the global economy at the Chicago Council on Global Affairs. From 1994 to 2007, he served as president and chief executive officer of the Federal Reserve Bank of Chicago. In that capacity, he was a member of the Federal Open Market Committee, the Federal Reserve System's most important monetary policy-making body...
clearly inflation policy rise
If inflation or inflation expectations were to rise persistently, then policy clearly would have to be tightened further,
continue federal funds means neutral policy reduce return
For me, appropriate policy means that we continue to reduce accommodation and return to a neutral federal funds rate,
increase inflation monetary policy
Even without an increase in inflation expectations, it will take appropriate monetary policy to keep inflation well contained,
entails further inflation likely monetary policy removal
It will take appropriate monetary policy to keep inflation and inflation expectations well contained. For me, at this time, such policy likely entails further removal of policy accommodation,
against insurance maintain monetary order policy provide unwelcome
It is appropriate to maintain an accommodative monetary policy stance, in order to provide some insurance against unwelcome disinflation,
effective evidence fed less monetary policy
There is no evidence the Fed is less effective in monetary policy
aggregate allow changes gradual policy time
These gradual aggregate changes would allow time for any appropriate recalibration of policy -- if, in fact, one is needed,
believe consistent currently inflation monetary near policy price range
Inflation currently is near the upper end of the range that I feel is consistent with price stability. As such, I believe monetary policy must be vigilant.
consistent economy operating roughly
roughly consistent with an economy operating at potential.
anecdotes growing hear home housing prices reports seeing slower starting
I am starting to hear more anecdotes about softening in housing markets, and seeing more reports that home prices are growing at a slower rate,
surprised talk
I was surprised they wanted to talk about education.
inflation might require stronger
If inflation expectations did become unhinged, this might require a stronger response,
believe capacity excess
We still believe that (there is) excess capacity in the economy,
low rate sustained
is about as low as the unemployment rate can go on a sustained basis.