Jerome Powell Quotes
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Our discussions of the economy may sometimes ring in the ears of the public with more certainty than is appropriate.
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The Fed's organization reflects a long-standing desire in American history to ensure that power over our nation's monetary policy and financial system is not concentrated in a few hands, whether in Washington or in high finance or in any single group or constituency.
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My own experience is that the best outcomes are reached when opposing viewpoints are clearly and strongly presented before decisions are made.
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The banking industry has traditionally been characterized by physical branches, privileged access to financial data, and distinct expertise in analyzing such data.
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We live in a world defined by the rapid pace of technological change.
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I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation.
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We need a system that provides mortgage credit in good times and bad to a broad range of creditworthy borrowers.
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Mobile devices, high-speed data communication, and online commerce are creating expectations that convenient, secure, real-time payment and banking capabilities should be available whenever and wherever they are needed.
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By fostering the economic health and vitality of local communities throughout the country, community banks play a central role in our national economy. One important aspect of that role is to serve as a primary source of credit for the small businesses that are responsible for creating a substantial proportion of all new jobs.
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An increase in the debt ceiling should be accompanied by fundamental policy reforms, substantial budget savings, and a strong enforcement mechanism to tie the hands of any future Congress.
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Risk management systems and controls may discourage or limit certain revenue-generating opportunities. Failure to ensure the independence of these functions from the revenue generators and risk takers has been shown to be dangerous, and this is something for which the board is accountable.
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While the move to central clearing has made the system safer, we need to make sure that the central counterparties have the resources and risk-management practices to withstand plausible but severe shocks.
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The expectation of gradual policy normalization should reduce the likelihood of outsized movements in interest rates.
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It is quite plausible that the process of increased fragmentation of production across borders is subject to 'diminishing returns' and has its natural limits.
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The Federal Reserve and other central banks have adopted broad public policy objectives to guide the development and oversight of the payments system. At the Fed, we have identified efficiency and safety as our most fundamental objectives, as set forth in our Policy on Payment System Risk.
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Higher asset prices increase wealth and, with a lag, induce higher spending.
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Perhaps the greatest challenge for the resolution of a systemic global bank is the possibility that public or private actors in different countries might take local actions that would cause the overall resolution to spin out of control.
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Against this backdrop of technological change and heightened expectations, it is worth remembering our broad public policy objectives, which are driven by the fundamental importance of the payments system in our society.
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Long-term economic growth depends mainly on nonmonetary factors such as population growth and workforce participation, the skills and aptitudes of our workforce, the tools at their disposal, and the pace of technological advance. Fiscal and regulatory policies can have important effects on these factors.
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To ensure financial stability, we expect the provision of U.S. government securities settlement services to be robust in nearly all contingencies.
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The Congress has tasked the Federal Reserve with achieving stable prices and maximum employment - the dual mandate.
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We understand that America's prosperity is bound up with the prosperity of other nations, including emerging market nations.
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My colleagues on the Board of Governors and I understand the value of having a diverse financial system that includes a large and vibrant contingent of community banks.
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Given that trade benefited the Asian economies on the way up, it seems natural that the slowdown in global trade, whatever its causes, could lead to some loss of dynamism and growth in the region.