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The too-big-to-fail reform project is massive in scope. In my view, it holds real promise. But the project will take years to complete. Success is not assured.
Jerome Powell -
The financial crisis and the Great Recession left firms with excess capacity, reducing incentives to invest. If businesses expect slower growth to continue, that will also hold down investment.
Jerome Powell
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Over time, low rates can put pressure on the business models of financial institutions.
Jerome Powell -
The financial crisis revealed important weaknesses in many areas of our financial system.
Jerome Powell -
By the beginning of the 20th century, the debate about monetary policy and the nation's financial system had been going on for over a century. Increasingly, the shortcomings of the existing system were causing too much harm to ignore.
Jerome Powell -
Regional interest rate differentials persisted until around the time of World War I and helped shape the attitudes of Americans living in western areas toward the nation's financial system.
Jerome Powell -
The Federal Reserve is not charged with designing or evaluating proposals for housing finance reform. But we are responsible for regulating and supervising banking institutions to ensure their safety and soundness, and more broadly for the stability of the financial system.
Jerome Powell -
Below-target inflation increases the real value of debts owed by households and businesses and reduces the ability of central banks to respond to downturns.
Jerome Powell
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Increased fragmentation of production across international borders - a natural outgrowth of the gains from specialization - meant more trade for any given value of final production, thus adding to the major expansion in gross trade flows in the 1990s and 2000s.
Jerome Powell -
Long experience, in the United States and in other advanced economies, has demonstrated that monetary policy is most successful when decisions are rendered independent of influence by elected officials.
Jerome Powell -
Alignment of business strategy and risk appetite should minimize the firm's exposure to large and unexpected losses. In addition, the firm's risk management capabilities need to be commensurate with the risks it expects to take.
Jerome Powell -
In a world of global trade and integrated capital markets, it is natural for economic and financial shocks and policy actions to be transmitted across borders.
Jerome Powell -
Central banking often comes across as obscure and complicated, and we try to help the public understand what we do.
Jerome Powell -
Real short- and long-term rates were relatively high in the late-1990s, so financial excess can also arise without a low-rate environment.
Jerome Powell
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The overwhelming majority of new mortgages are issued with government backing in a highly concentrated securitization market. That leaves us with both potential taxpayer liability and systemic risk.
Jerome Powell -
The FOMC has considerable control over short-term interest rates. We have much less influence over long-term rates, which are set in the marketplace.
Jerome Powell -
The question of how to structure our nation's financial system arose in the early years of the republic.
Jerome Powell -
The GSEs became powerful advocates for their own bottom lines, providing substantial financial support for political candidates who supported the GSE agenda.
Jerome Powell -
One factor that favors easier adjustment in EMEs is that U.S. monetary policy normalization has been and should continue to be gradual, as long as the U.S. economy evolves roughly as expected.
Jerome Powell -
Liquidity problems can occur in central clearing, even if all counterparties have the financial resources to meet their obligations, if they are unable to convert those resources into cash quickly enough.
Jerome Powell
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The main long-run contribution monetary policy can make is to provide a stable macroeconomic and financial environment.
Jerome Powell -
While monetary policy can contribute to growth by supporting a durable expansion in a context of price stability, it cannot reliably affect the long-run sustainable level of the economy's growth.
Jerome Powell -
The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.
Jerome Powell -
The financial crisis involved significant failures in the functioning, regulation, and supervision of OTC derivatives markets.
Jerome Powell