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Fedspeak Watch October 14 – Comments by Kansas City Fed President Esther George

Fedspeak Watch October 14 – Comments by Kansas City Fed President Esther George

Diego Colman, Strategist

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Speaker: Esther George, President and CEO of the Federal Reserve Bank of Kansas City

FOMC Voting Member: Yes

Venue: Virtual event hosted by S&P Global.

Topic: Economic outlook

Comments:

  • The economic landscape is murky, no clear narrative on the outlook for growth
  • Only clear data is that inflation is high. I am watching if persistently high inflation seeps into expectations
  • Faster supply growth is not likely to take care of the inflation problem
  • The Fed’s monetary policy needs to move into restrictive territory, but how restrictive remains to be seen as policy actions have a lag
  • I expect rates will have to move higher for a sustained period, but moving too fast could disrupt financial markets
  • The Fed needs to minimize policy uncertainty during the time of market volatility
  • I support ongoing interest rate increases
  • CPI report on Thursday is a reminder the Fed has more work to do on inflation
  • My own forecast does not call for a recession
  • The Fed’s terminal rate may have to be higher and stay there for longer, but I am more cautious than most about how quickly we do that
  • It is important to get inflation back to the 2% goal, I have a hard time arguing in favor of a different inflation target
  • I can't say with any confidence how long rates will remain high after reaching the peak
  • Fed will continue on a tightening path until inflation is turning around

Fedspeak to Watch out in the Coming Days

  • St. Louis Fed President James Bullard will discuss the inflation outlook on October 15, 2022
  • Atlanta Fed President Raphael Bostic will take part in Workrise Panel Discussion on October 18, 2020
  • Minneapolis Fed President Neel Kashkari will discuss the economy on October 18, 2022

Related: Learn How Monetary Policy Impacts Global Markets

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