Tom Schlesinger
Tom Schlesinger
chairman champion employment fed given impact nervous next picking potential
I would be nervous about picking an inflation-targeting champion as my next Fed chairman given the potential impact on employment growth.
certainly clear complete darned determined disclose fact fed infamous open quiet
It's quiet clear in the infamous '92, '93, '94 period, the Fed was pretty darned determined not to open up and certainly not to disclose the fact it had these complete transcripts.
appear committee concerned federal labor market markets official open prospect speeches statements strong testimony wage
The Federal Open Market Committee does not appear from any of its official statements or from the speeches and testimony of its members, to be concerned about excessively strong labor markets or the prospect of wage inflation,
abandon approach banks central countries fed recent successful time wonder worked
It will come at a really interesting time because the Fed has been so much more successful in recent years than central banks in countries that favored a more rule-oriented approach. One has to wonder why the Fed would abandon the approach that has worked so well.
belief collective concerned confident contain eventually fed good indicate inflation job manageable markets shoe sort sustained true yields
The yields indicate that markets aren't concerned about inflation or that they're confident that the Fed is on the job and will contain it. But there's some sort of subconscious, collective belief that sustained manageable inflation is too good to be true and eventually the other shoe will drop.
effect fed hard political watching
What the long-term effect that has on the Fed as a political institution is one of those things we'll be watching closely. It's hard to tell where it is going to lead.
bogged debate fed inflation internal merits targeting unhealthy
It would be unhealthy for the Fed to get bogged down in an internal debate about the merits and demerits of inflation targeting if it prevented
boundaries fed forum gone issue ought public sure talking worth
More than any of his predecessors, he has gone public with every issue under the sun. I'm not sure there's a right answer, but I think it's worth talking about in a public forum what ought to be boundaries of the Fed governors' comments.
alan anyone chairman fed greenspan purpose seldom
He's Alan Greenspan all purpose sage, ... He seldom has anyone tell him, 'Why don't you be more like Fed chairman of the past?'
bright chairman commenting directly draw drawn fed hearing issues line might related seen
He might try to draw a bright line in the hearing - say that he won't be drawn into commenting on issues not directly related to the Fed's responsibilities, ... We'll have to see how that plays. It is important that the Fed chairman be seen as independent.
certainly concern facts fed inflation markets previous public respond surprising
Certainly the Fed has voiced more concern over inflation for public consumption that it has in previous years, so it's not surprising that markets would respond accordingly. It just really doesn't jive very well with the facts on the ground.
anyone breadth business came certainly community dealing experience frequently greenspan guys hear ivory job mentioned past tower
It'd be fascinating to hear what he thinks, if he'd actually tell you. The guys who are most frequently mentioned for the job are all ivory tower types. I don't think anyone has the breadth and experience dealing with the business community as Greenspan did when he came on the job. Certainly they don't have as much experience as he accumulated in the past 17 years.
bit remember stick until wait washington
I remember thinking, man, if you think that's problematic, wait until you stick around Washington a little bit longer.
behind bet given greenspan measured others present signals terms trapped
I would bet anything they rue the day they got trapped into these terms like measured, patient. The signals Greenspan and others have given is that measured still the way they want to present their stance. It's now measured with a 'but,' behind it though.