Here's the full remarks;
"I dissented because I believe that an
increase in our interest rate target is needed, given current economic
conditions and the medium-term outlook. My assessment is essentially
unchanged from the Committee's September meeting, at which I
also dissented. My reasoning was based on my belief that with the steady
growth in output and household spending that we have been observing -
and expect to continue - the real (inflation adjusted) rate of interest
should be higher than its current level of less than negative 1 percent.
My assessment was also supported by labor markets that had tightened
considerably and my confidence that inflation will return to our 2
percent objective after the temporary effects of low energy and import
prices have passed."
"The Committee's decision not to raise rates
in September was influenced, in part, by global financial and economic
developments in the weeks before that meeting. I did not believe at the
time that the uncertainty stemming from those events was sufficient to
justify further delay in policy normalization. The data we have received
since the September meeting have strengthened my confidence that those
events are not likely to change the medium-term outlook for U.S. growth
and inflation. So I remain convinced that it is time to better align our
interest rate policy with the economy's past progress and ongoing
growth."
"I recently expressed my views in a speech to the
Richmond Retail Merchants Association titled 'The Case Against Further
Delay.' My views on the economy and monetary policy are also available
on richmondfed.org."
No comments:
Post a Comment