Federal Reserve

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Last quote about Federal Reserve

Richard Fisher - Federal Reserve System
If I could wear her flats, I would be saying to myself, Do I want to stay?feedback
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Oct 26 2017
Janet L. Yellen, Quincy Krosby, Diane Swonk and Jim Cramer, are the people who have been quoted the greatest number of times about Federal Reserve. You can find them on this page and an additional total of 369 people who have something to say about this topic. All the 717 quotes on this page are sorted by date and by name. You can also have access to the articles to get the context of the quotes. The most recent quote from Janet L. Yellen is: “We must keep our unconventional policy tools ready to be deployed again...The probability that short-term interest rates may need to be reduced to their effective lower bound at some point is uncomfortably high, even in the absence of a major financial and economic crisis.”.
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All quotes about Federal Reserve

Janet L. Yellen - Federal Reserve System

The bottom line is that we must recognize that our unconventional tools might have to be used again.feedback

Greg Valliere

This is a president who loves low interest rates and happy markets, so this decision should be easy: Yellen, a no-brainer. But he also hates regulations and must realize that Dodd-Frank reforms are going nowhere in the Senate, which means the Fed will have to lead the fight to kill regulations.feedback

Michael Purves

Yellen... would be the most obviously market-friendly situation. The markets understand how she works and there's less guesswork.feedback

Janet L. Yellen - Federal Reserve System

We have met the first challenge and have made good progress to date in meeting the second.feedback

Janet L. Yellen - Federal Reserve System

The evidence strongly suggests that forward rate guidance and securities purchases – by substantially lowering borrowing costs for millions of American families and businesses and making overall financial conditions more accommodative – did help spur consumption and business spending, lower the unemployment rate, and stave off disinflationary pressures.feedback

Mark Luschini - Janney Montgomery Scott

Clearly at the end it had everything to do with the speculation about Jerome Powell. I can't observe any other reason for why we ended up. He's viewed to be sort of an extension of (current Fed Chair) Janet Yellen by way of being a policy dove ... and, with the market loving more of the same with regard to uber-accommodative monetary policy, as more welcome than the alternative.feedback

Robert Tipp

Powell seems more hawkish than Yellen. He's very qualified and played a lot of roles within the Fed. There's a lot of momentum for the measured approach…He could be a step much more to continuity.feedback

William Lee

Taylor has a framework form which he formulates and implements policy, but he does it in a very flexible way by not adhering to the rules all the time. Yellen does not have such a framework for policy but is guided by models for inflation that no longer work.feedback

Michelle Meyer - Bank of America Merrill Lynch

I think all of the candidates initially stick with the game plan of gradual hikes and balance sheet normalization. Warsh and Taylor would likely be less sympathetic to short-term misses in the data or weakness in financial conditions and would want to keep the hiking cycle on track. In contrast, Yellen, Powell and Cohn might be more inclined to pause if faced with uncertainty about the outlook.feedback

Mark Luschini - Janney Montgomery Scott

Clearly at the end it had everything to do with the speculation about Jerome Powell. He's viewed to be sort of an extension of Janet Yellen by way of being a policy dove. At least that's the interpretation of his experience in history, and therefore with the market loving more of the same with regard to uber accommodative monetary policy is more welcome than the alternative, which would be the market speculating on (Trump) selecting somebody more hawkish in nature.feedback

Donald J. Trump

Well, it's staying at zero because she's obviously political. She's doing what Obama wants her to do. And I know that's not supposed to be the way it is, but that's why it's low. Because as soon as they go up, your stock market's going to go way down, most likely or possibly ... I believe it's a false market because money is essentially free.feedback

Paul Hickey

A Taylor Fed may not follow the Taylor rule; as Yellen has shown, there's often a lot of daylight between a given Chair's preferences and actual policy in the modern Fed, and a Fed chair can have a hard time being imperial.feedback

Deborah J. Lucas

She is an intelligent and levelheaded individual. I trust her to make prudent decisions, particularly when it matters most, which is if there is another crisis. Continuity and experience seem especially valuable right now.feedback

Charles W. Calomiris

It's not just that regulation is excessively costly and complex. It's also failing to achieve its objectives.feedback

Julia Coronado

The economy is humming along. The markets are humming along. Given all the other stuff that's going on, why mess with that?feedback

John Stoltzfus - Oppenheimer Holdings

The personality of the chairman of the Federal Reserve is very important if you consider the great humility of Bernanke and Yellen, who have really served remarkably as public servants and highly professional economists to guide us through a very tough period.feedback

Ryan Sweet - Moody's Analytics

The most continuity between Fed chairs would be Yellen to Powell. Given where we are in the tightening cycle some consistency would be welcomed by financial markets. A regime change can be a little more rattling and unnerving for markets.feedback

James Knightley

Warsh and Taylor might be hiking a bit more aggressively in the current environment.feedback

Diane Swonk

Taylor and Warsh are more cut out of the same fabric. Taylor is the economist version of Warsh, and Taylor is Warsh's mentor.feedback

Thomas Simons - Jefferies

I actually think that today's [bond] market movements kind of suggest, the market doesn't have a firm idea. It's kind of bouncing around on rumors and headlines. I think it's because it's hard to know what the decision criteria is. Where do these guys fall on the strata? You're going to know when you know.feedback

Joseph Lawler - The Washington Examiner

Departing Federal Reserve Vice Chairman Stanley Fischer on Friday called on President Trump to reappoint his boss, Janet Yellen, to stay at the helm of the central bank. He should appoint Janet Yellen,' the central banker said Friday at a World Bank conference... Janet is a safe pair of hands,' he said. Fischer did not comment on other candidates Trump is said to be considering for the post. Fischer did say, however, that while having a Ph.D. in economics is an advantage in running the Fed, it is not necessary for a smart person.feedback

Martin Crutsinger - Associated Press

Federal Reserve Chair Janet Yellen on Sunday sketched a bright outlook for the U.S. economy and for inflation prospects in coming months, saying the impact of the recent hurricanes will likely slow economic growth slightly but only temporarily and should be followed by a rebound by year's end. Her comments suggested that the central bank will soon resume raising interest rates to reflect the strengthening economy. Most economists foresee the next rate hike – the third this year – coming in December.feedback

Joe Manimbo

Taylor is perceived as more hawkish than Ms.(Janet) Yellen so under his potential tutelage, the central bank might lift borrowing rates more aggressively, which would bolster the dollar's allure.feedback

Janet L. Yellen - Federal Reserve System

Economic activity in the United States has been growing moderately so far this year, and the labor market has continued to strengthen. The terrible hurricanes that hit Texas, Florida, Puerto Rico, and our neighbors in the Caribbean caused tremendous damage and upended many lives, and our hearts go out to those affected. While the effects of the hurricanes on the U.S. economy are quite noticeable in the short term, history suggests that the longer-term effects will be modest and that aggregate economic activity will recover quickly.feedback

Janet L. Yellen - Federal Reserve System

We continue to expect that the ongoing strength of the economy will warrant gradual increases in that rate to sustain a healthy labor market and stabilize inflation around our 2 percent longer-run objective. The biggest surprise in the U.S. economy this year has been inflation.feedback

Janet L. Yellen - Federal Reserve System

We will be paying close attention to the inflation data in the months ahead. My best guess is that these soft readings will not persist.feedback

Stanley Fischer - Federal Reserve System

I think many of the qualities that Janet has - which is that Janet is a safe pair of hands and very good at explaining what she's doing, and persuading people of what she's doing - I think that's critically important.feedback

Stanley Fischer - Federal Reserve System

I wish the circumstances were such that going faster was the right policy. But given the uncertainty about the inflation rate approaching the 2 percent target, we have to be more careful than full speed ahead.feedback

Stanley Fischer - Federal Reserve System

He should appoint Janet Yellen. I'm not going to to into the rest of the list.feedback

Lukman Otunuga

While markets are still expecting the Federal Reserve to raise interest rates in December, concerns over prolonged periods of depressed inflation may cloud the prospect of higher U.S. interest rates in 2018. Although this (retail sales) was below market estimates, this figure is still encouraging and continues to support the bullish sentiment towards the U.S. economy.feedback

Sri Mulyani Indrawati

Federal Reserve communication is much better. So they have already (been) explaining, announcing and guiding the global economy of where they want to go and how they are going to do it.feedback

Larry Fink - BlackRock

My greatest fear – and I'm not giving a high probability on it but there's certainly some probability on this – is that we have a very aggressive Federal Reserve.feedback

Larry Fink - BlackRock

As the Federal Reserve begins its process of unwinding QE, the preponderance of their assets are five years or shorter. So could we see with tightening conditions through raising interest rates, through modest reversal of QE, continued demand in the long end, could we see this yield curve really flattening to possibly inverting? That is not a good scenario long-term for equities.feedback

Larry Fink - BlackRock

All of the publicized names are very qualified for that role. I do believe whoever is the chair, whoever is added to the Federal Reserve, will have a giant task in front of them.feedback

Larry Fink - BlackRock

If there is a risk, it's that. I hope the Federal Reserve pays attention.feedback

Jim Cramer

The industry was subject to stringent regulations that made riskier banking impossible, while dividend growth was forbidden without the approval of the Federal Reserve.feedback

James Ragan

The combination of a tight labor market and higher earnings increases the odds of additional Federal Reserve tightening and supports the argument for another Fed rate hike this year, likely at the December meeting.feedback

Elise Gould - Economic Policy Institute

It's clear that we are still not at genuine full employment, and the Federal Reserve should keep interest rates low until we are.feedback

Alan Ruskin - Deutsche Bank

In terms of market impact, much of the immediate market reaction to an announcement would come from is it Warsh or not because: i) Warsh is currently the favorite and so at least marginally priced in; and ii) is seen as potentially more hawkish than the other leading candidates. Bear in mind the response to Yellen and Powell in particular will be partly a reversal of any expected Warsh effect.feedback

Jeffrey Gundlach

I actually have a very non-consensus point of view. I think it's going to be Neel Kashkari. He happens to be the most easy money guy that's in the Federal Reserve system today and that's why he may win.feedback

Kevin Warsh

It depends on whether you like high interest rates. He's clearly a very different character than Yellen. We've been used to a cautious Fed chair under both Bernanke and Yellen.feedback

Jens Nordvig

The one thing to keep in mind, compared to Yellen, both of these candidates are more hawkish. She's been very cautious in what she's done. Both of these are names that would embrace higher rates a little quicker. The most important thing was Yellen's probability went down. We can't say if it's Powell or Warsh. Those two are the front-runners now.feedback

Mel Watt - Federal Housing Finance Agency

In my view, the Council's decision represents a simple majority decision, not the two-thirds required by statute.feedback

Janet L. Yellen - Federal Reserve System

Since the financial crisis, AIG has largely sold off or wound down its capital markets businesses, and has become a smaller firm that poses less of a threat to financial stability. It is important to continue to monitor large nonbank financial firms to ensure that, should they encounter distress, the functioning of the broader economy is not threatened. The possibility of de-designation provides an incentive for designated firms to significantly reduce their systemic footprint.feedback

Jim Cramer

Here's the bottom line: the 10 winners all had their individual reasons to rally, although a common theme was the expectation that they wouldn't be doing well coming into the quarter, which brought short-selling, which turned out to be as wrong, as wrong as it could get. I think the most important takeaway, though, is to stop focusing on Trump and Yellen. Instead, focus on the fundamentals and you'll catch some of these. Yes, you'll do much better.feedback

Albert Edwards

Rather than admitting they are wrong, this group, who failed to predict the current economic malaise, have constructed this theory to explain why ever more stimulus is required. In particular Warsh warned that the Fed had become the slave of the S&P. He (Warsh) got a rousing reception from the BCA (Research) audience as he talked a lot of sense – in particular on how the Yellen Fed has lost its way and current policy is deeply flawed.feedback

Janet L. Yellen - Federal Reserve System

In my view, it strengthens the case for a gradual pace of adjustments. Moving too quickly risks over-adjusting policy to head off projected developments that may not come to pass.feedback

Shehriyar Antia

Rates and equities have priced in the current Fed regime continuing, which is a relatively sanguine path for the economy. Any deviation from that path - or the suggestion that Yellen may not be re- appointed - causes the market to reconsider this presumption and reprice valuations.feedback

Gennadiy Goldberg - TD Securities

He's quite a contrast to Yellen. She might be replaced by someone who's relatively more hawkish.feedback

Gennadiy Goldberg - TD Securities

He's definitely more hawkish on the spectrum. He is quite a contrast to Yellen. It does seem he is the front-runner even though it's not a sure thing he will be nominated.feedback

Kathy Lien - BK Asset Management

The dollar is rising because the market is hopeful for some positive comments in regards to progress on tax reform from President Trump. The dollar has been trading firmly throughout the day as a result of that.feedback

Mark Dowding - Bluebay Asset Management

I think the idea that Trump could be reaching across the aisle, talking about tax cuts to middle and low income households, if it comes to pass, we are talking a pretty material fiscal boost to the US economy. This sort of easy fiscal policy is why the markets are reacting the way they have.feedback

Janet L. Yellen - Federal Reserve System

My colleagues and I may have misjudged the strength of the labour market, the degree to which longer-run inflation expectations are consistent with our inflation objective, or even the fundamental forces driving inflation. [We] should also be wary of moving too gradually [on higher interest rates].feedback

Casper Burgering - ABN AMRO

You see not only that demand in China is doing well, but also that in the longer term demand will increase even more from other sectors, like the electric vehicle industry. At this stage the fundamentals are very supportive of stronger prices.feedback

Daniel Lenz - DZ Bank

Yellen's comments gave more certainty about another rate hike by the end of the year. Further details of Trump's tax plans and whether this proceeds smoothly will be of interest -- it should be a boost to the economy and mean a generally higher bond yield environment.feedback

Janet L. Yellen - Federal Reserve System

We will monitor incoming data closely and stand ready to modify our views based on what we learn.feedback

Ray Attrill

We're now seeing some embryonic prospects of a tax reform in the United States which is a much bigger issue for the markets than the Federal Reserve. Our view has been the market had moved from applying a Trump-premium from November-December to applying Trump-discount due to his inability to pass any major reforms. A meaningful tax reform could serve to reduce some of that discount.feedback

Janet L. Yellen - Federal Reserve System

It would be imprudent to keep monetary policy on hold until inflation is back to 2 percent. Sustained low inflation such as this is undesirable because, among other things, it generally leads to low settings of the federal funds rate in normal times, thereby providing less scope to ease monetary policy to fight recessions.feedback

Janet L. Yellen - Federal Reserve System

Without further modest increases in the federal funds rate over time, there is a risk that the labor market could eventually become overheated, potentially creating an inflationary problem down the road that might be difficult to overcome without triggering a recession.feedback

Steve Forbes

I think we can double, certainly triple what we've done in the last ten years. I expect if we get a good tax cut and our central bank behaves itself we could have 3 percent to 4 percent growth easily in the next few years. I think the less the Federal Reserve, our central bank, manipulates interest rates the better and they have, as you know, a bloated portfolio of Treasury securities and the like. They've got to reduce that and let that money be put to work in the American economy.feedback

Harumi Taguchi - IHS

If the U.S. is going to increase its policy rate as soon as December, that is going to support the dollar, but the situation is complicated by the North Korean tensions. Even if Yellen says something positive for the markets, it might just be offset by the geopolitical risks.feedback

Jack Ablin

Investors should be looking out for a December hike given we don't know what happens to the Fed chair position next year. (Yellen), probably wants to be able to, knowing anyone new in that role might not feel comfortable tightening the first month.feedback

Jack Ablin

It is a little bit of a relief knowing perhaps investors still believe in buying the dips even after the Fed's announcement of reduced balance sheet purchases.feedback

Shin Kadota - Barclays

The dollar tends to fall on flare-ups in North Korean-related matters, but whether the Federal Reserve can hike interest rates in December as they projected still remains the ultimate decider (of dollar direction).feedback

William Dudley - Federal Reserve Bank of New York

With a firmer import price trend and the fading of effects from a number of temporary, idiosyncratic factors, I expect inflation will rise and stabilize around the (Fed's) 2 percent objective over the medium term. In response, the Federal Reserve will likely continue to remove monetary policy accommodation gradually.feedback

George Goncalves

We're shifting the focus away from the monetary policy side of things to fiscal policy. Though Yellen will be important, it most likely will be more about any kind of good news on getting details on tax reform.feedback

Janet L. Yellen - Federal Reserve System

It will be up to future policymakers to decide, in the event of a severe downturn, whether they think it's appropriate to again resort to balance sheet, to adding, adding assets to a balance sheet. I have said that I intend to serve out my term as chair, and that I'm really not going to comment on my intentions beyond that. I will say that I have not had a further meeting with President Trump. I met with him early in my term, and I've not had a further meeting with him.feedback

Brian Gardner - Keefe Bruyette & Woods

She's a known quantity, and there is less risk of disrupting the financial markets if the president renominates Dr. Yellen. Although President Trump is unorthodox in many ways, every president wants calm financial markets.feedback

Donald J. Trump

I do respect Chairman Yellen a lot. I like her and I respect her, but I haven't made that decision yet.feedback

Diane Swonk

I think Kevin Warsh has a very good chance. He's a former Fed governor. He was there during the crisis. He knows why they did what they did. He didn't agree with the post-crisis continual unconventional policy. He's been very critical of the Fed forecasts. If anyone is going to come in as a non-economist and be able to challenge the Fed staff, it would be Warsh.feedback

Paresh Upadhyaya

People were surprised that Yellen stuck with the script that weak inflation is transitory so there was some short-covering. Anything he says that doesn't sound dovish, the market will take it as hawkish.feedback

Ward McCarthy - Jefferies

I suspect that perceptions are changing about the possibility of Yellen returning because she continues to stick her heels in on regulatory issues. Trump wants to deregulate, and Yellen's made it clear that's a line in the sand … and she repeated that yesterday and made it clear her position was quite different than President Trump. That creates an awkward situation on both sides here. The president is going to want to appoint someone who is going to embrace his deregulatory aspirations and she may not want the job if she's going to be pushed in that direction.feedback

Ward McCarthy - Jefferies

If I were in her shoes, I would be disinclined to come back, not just because of the regulatory issues but because she's accomplished so much. … She finished tapering. She started rate normalization and now she started balance sheet normalization.feedback

Janet L. Yellen - Federal Reserve System

We put in place, since the financial crisis, a set of core reforms that have strengthened the financial system. And in my personal view, it's important they remain in place. And those core reforms are: more capital, higher quality capital, more liquidity, especially in systemically important banking institutions. Stress testing and resolution plans, and those four prongs of improvements in banking supervision have really strengthened the financial system.feedback

Ward McCarthy - Jefferies

What Kevin Warsh, I think, primarily represents is a change in the regulatory environment, and Kevin Warsh has been one of the harshest critics of the Fed's expansion of the balance sheet. The primary questions were he to be appointed, you'd have to wonder if the current balance sheet normalization process happens fast enough to make him happy.feedback

Diane Swonk

You can tweak things like the Volcker rule in your interpretation of the law, and that's where personnel-driven deregulation comes into play. It's the nuance. How much regulation. How far do we regulate? What do we consider bank capital? All of those things fall into a gray area.feedback

Janet L. Yellen - Federal Reserve System

We understand pretty well what the effects are on the economy. Market participants understand how that tool is used, and it would likely be adjusted in response to shocks to the economy. That's our go-to tool. That is what we intend to use.feedback

Kully Samra - The Charles Schwab

The Fed's announcement today to start unwinding the balance sheet has already been priced in by markets, but we continue to believe the Fed's 'quantitative tightening' could be the cause of some heightened volatility, especially as the impact on the real economy remains largely unknown.feedback

Janet L. Yellen - Federal Reserve System

We take our supervision responsibilities of the company very seriously, and we are attempting to understand what the root causes of those problems are and to address them. I'm not able to discuss confidential supervisory information and not yet able to tell you, but we're committed to taking the actions we regard as necessary and appropriate to make sure the right set of controls are in place in that organization. We're working very hard on it.feedback

Rainer Michael Preiss

Of course, if you run a very large U.S. bank, most probably you are afraid of blockchain and bitcoin. The concerns are about the fractional reserve banking system, and the balance sheet of the Federal Reserve at $4.5 trillion, where the Fed officially refuses an audit. On the other hand, on the bitcoin blockchain, you have an audit everyday because it's open-sourced.feedback

Jason Pride

The most important thing Yellen needed to communicate to the market was that the bond sale plan and rate increases are not on autopilot.feedback

Elizabeth Warren

Janet Yellen is somebody who's gotten out there, she's talked about the importance of an economy that works well, not just for those at the top but for the rest of America.feedback

Elizabeth Warren

This is the Fed's chance to step up and say, When you cheat consumers, when you open fake accounts, when you force place insurance on them that they don't need, when you charge them money that they don't owe, then we, the Federal Reserve, are going to say, those who are in charge, those who are responsible are gone. We can't trust you to run a company of this size. I really want to see the Fed step here. The Fed has to power to do it. They just need to step up and do it.feedback

Kathy Lien - BK Asset Management

Unfortunately, there's not much in the way of guidance that she can provide, because the Federal Reserve themselves are kind of confused and uncertain about when to raise interest rates, and where the U.S. economy is headed.feedback

Ron Sanchez

The trend in inflation has taken a downtick. I think she [Ms. Yellen] will need a little more evidence on the inflation side over the next month or two to have some conviction about moving rates in December.feedback

Jennifer Rubin

Senior economic adviser Gary Cohn told the media that President Trump had to “do better” after his Charlottesville comments equating the neo-Nazis with counter-protesters (something Trump did again on Thursday, a day after meeting with the only African American Republican senator, Tim Scott of South Carolina.) Cohn contradicted his boss directly, stating, “Citizens standing up for equality and freedom can never be equated with white supremacists, neo-Nazis and the KKK.” He reportedly even drafted a resignation letter. For all that garment-rending, Cohn may have lost a nomination to the Federal Reserve and earned himself Trump’s petulant treatment for disloyal aides - “refusing to make eye contact.” (Yes, this really is like high school.).feedback

Justin Lederer - Cantor Fitzgerald

You're basically at 50/50. The Fed I think is itching to get one more rate hike in this year, but the market has been discounting it. We'll see next Wednesday what [Fed Chair Janet] Yellen and the statement have to say about it, and there's also tomorrow's retail sales which is a big number as well.feedback

Victor Jones - TD Ameritrade

I don't think the market was expecting that kind of a strength in terms of inflation. What people want is know is whether or not Yellen is going to talk about the lack of inflation as transitory, or whether it is continuing to concern them. The tone coming out of September meeting will help drive the expectations into December.feedback

Steven Mnuchin

I'm working closely with the president on the issue. He hasn't made any decisions and that's one of the things he's still considering. There's a lot of good people.feedback

George Monbiot

The perpetual quest for growth drives our economics. That’s why our environment and financial system lurch from crisis to crisis. There was “a flaw” in the theory: this is the famous admission by Alan Greenspan, the former chair of the Federal Reserve, to a congressional inquiry into the 2008 financial crisis. His belief that the self-interest of the lending institutions would lead automatically to the correction of financial markets had proved wrong. Now, in the midst of the environmental crisis, we await a similar admission. We may be waiting some time.feedback

Steven Mnuchin

I obviously will respect the confidentiality of the process and not make any comments on any specific people that the president is considering. There's a lot of good people. The chair is obviously quite talented, and she's being considered, but there's a lot of great people that we've been meeting with and considering as well.feedback

Phillip Streible - R.J. O'Brien & Associates

This trade should continue now, with Hurricane Irma coming through … and what this will do is it will handcuff the Federal Reserve from having the ability to raise interest rates for the remainder of the year. Because of that, we'll see interest rates sell off, and gold, since it's a non-yielding asset, will most likely continue higher from there.feedback

Quincy Krosby - Prudential Financial

He bridges the world of a central banker but also having the market experience, which is a strong combination. Perhaps the thinking will be that someone who has Wall Street experience understands markets. The president is going to choose someone both with experience in the market and understanding of the markets. We don't know if [Yellen] wants it. She's been very discrete and many are saying that Jackson Hole could have been her swan song.feedback

Quincy Krosby - Prudential Financial

There's an expression that always haunts us: When rates rise, something always breaks. Janet Yellen has been trying very hard to transition to normal monetary policy, to make sure something doesn't break. ... The question then becomes, does someone who comes in understand that and know the history of the Fed's experience in raising rates?feedback

Christopher Whalen

People who thought we were going to keep the same cast of characters around, I hope they realize now that's not the case. There's going to be a significant change. It will be far less interventionist, far less prone to experiment.feedback

Greg Valliere

Monetary policy is going to be data dependent. If that's true perhaps the more intriguing angle is regulatory policy. That may guide his thinking on the next chairman.feedback

Seth Carpenter - UBS

The nomination and confirmation process can be quite slow. Given the full slate of issues that the Congress has to confront (the debt limit, the budget, tax reform, inter alia) the Senate will be hard pressed to complete more than one confirmation process.feedback

Greg Valliere

She's 71, and she's got a choice of maybe slowing down her pace and writing a book, or presiding over the winding down of the balance sheet with a big group of Trump appointees at the Fed. She may choose the former rather than the latter.feedback

Paul Ashworth - Capital Economics

Yellen and Fischer are viewed as being close and appear to share very similar views on both the monetary policy outlook and regulatory issues. Trump is keen to roll back much of the regulation put in place after the financial crisis, whereas Yellen and Fischer are staunch defenders of that regulation, arguing that it did not have an adverse impact on the economy or credit availability, but did make the financial system more safe.feedback

Stanley Fischer - Federal Reserve System

It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair Yellen, as well as many other dedicated and talented men and women throughout the Federal Reserve System. During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans.feedback

Antoine Bouvet - Mizuho Securities

The 10 basis point fall in Treasury yields is clearly not something the European market can ignore. The market's also taking a bit of view on what the U.S. Federal Reserve will do next.feedback

Christian Hille - Deutsche Asset Management

In general, going into Autumn with European Central Bank (ECB) and Federal Reserve meetings ahead, some misinterpretation/miscommunication (central bank failure) could lead to market stress with rates moving higher substantially, spread widening, equity market drop, etc. U.S. recession in 2019 at the earliest, hence further room to go.feedback

Joel Myers - AccuWeather

This will be the worst natural disaster in American history. The economy's impact, by the time its total destruction is completed, will approach $160 billion, which is similar to the combined effect of Hurricanes Katrina and Sandy. Business leaders and the Federal Reserve, major banks, insurance companies, etc. should begin to factor in the negative impact this catastrophe will have on business, corporate earnings and employment.feedback

Zane Brown

Although the Fed's initial pace of balance-sheet slimming seems very manageable, the prospect of persistent increases in the rate of reduction could at some point produce investor concern. Regardless of investor reaction, the normalization of the Fed's balance sheet seems likely to be 'noisier' than the uneventful outcome suggested by Fed officials, and potentially a much different experience than the 'like watching paint dry' comparison offered by Chairwoman Yellen.feedback

Richard Fisher - Federal Reserve System

The two biggest vaults in the system here are in Dallas and in Houston. Houston has the largest above-ground vault in the United States. Between the two of them, they're the two largest vaults in the Federal Reserve system. One hundred and twenty-seven billion passed through those vaults last year.feedback

Greg Valliere

The president demands unwavering loyalty [just ask [former FBI director] Jim Comey], and he never forgets a slight. Yet Trump got a smackdown this weekend from Gary Cohn and Janet Yellen. Yellen's prospects have slipped even further, after her full-throated defense of tough Wall Street regulations and free trade deals.feedback

Kathy Lien - BK Asset Management

In general, what you're seeing is a consistent tone of dollar weakness. The disappointment from (U.S. Federal Reserve Chair Janet) Yellen at Jackson Hole on Friday has carried over to trading this week.feedback

Imre Speizer - Westpac Group

Markets (were) disappointed with the Yellen speech and they sold the dollar and pushed bond yields down.feedback

Axel Merk

If you believe that traders were positioned for Draghi to talk down the euro, then they have to cover their positions.feedback

Nina Pavcnik

The backlash against globalization does not arise because people doubt trade's overall benefits. The backlash reflects that trade makes some individuals worse off.feedback

Apryl Evelyn Lewis

I don't agree with the Fed's recent decisions to raise rates. But Yellen's record over the years shows that, overall, she cares about people like me.feedback

Mario Draghi - European Central Bank

People are concerned whether openness is fair, whether it's safe and whether it's equitable. There is never a good time for having lax regulation.feedback

Alan Blinder

We economists think that David Ricardo got it mostly right 200 years ago, and a lot of people think he got it badly wrong, and we haven't convinced them in 200 years.feedback

Janet L. Yellen - Federal Reserve System

Evidence shows that reforms since the crisis have made the financial system substantially safer. While material adverse effects of capital regulation on board measures of lending are not readily apparent, credit may be less available to some borrowers, especially homebuyers with less-than-perfect credit histories and, perhaps, some businesses.feedback

Donald J. Trump

I have so many people, friends of mine, that had nice businesses. They can't borrow money. They just can't get any money because the banks just won't let them borrow it because of the rules and regulations in Dodd-Frank. I think she's very political and to a certain extent, she should be ashamed of herself.feedback

Paul Christopher

If you hear Janet Yellen say something like, Well, gee, we really don't think that lending has grown excessively,' that's a good sign for the markets.feedback

Art Cashin

It looks like Jackson Hole might turn out to be a duller-than-expected event. Now (Yellen) could always surprise us but I think she wants to be very careful about not disturbing the market.feedback

Janet L. Yellen - Federal Reserve System

Our more resilient financial system is better prepared to absorb, rather than amplify, adverse shocks, as has been illustrated during periods of market turbulence in recent years. Enhanced resilience supports the ability of banks and other financial institutions to lend, thereby supporting economic growth through good times and bad.feedback

Shin Kadota - Barclays

Surprises from Jackson Hole, if any, would probably come from Yellen rather than Draghi, and any impact on the euro would come from moves in the dollar. Market expectations for a December Fed rate hike have sunk quite low and there is room for improvement.feedback

Roberto Perli - Cornerstone Macro

When central bankers avoid a certain topic, it's often because they are comfortable with what markets are expecting.feedback

Mario Draghi - European Central Bank

On one hand we are confident that as the output gap closes inflation will continue converging to its objective over the medium term. On the other hand, we have to be very patient because the labour market factors and the low productivity are not factors that are going to disappear anytime soon. We have not seen yet the self-sustained convergence of inflation to the medium-term objective. Therefore a significant degree of monetary accommodation is still warranted.feedback

Paul Ashworth - Capital Economics

Fed Chair Janet Yellen's passionate defence of the post-crisis tightening of financial regulation isn't going to go down particularly well at the White House. Donald Trump has made rolling back regulation the centre-piece of his presidency.feedback

Jean Tate - Federal Reserve System

To our knowledge, the consumers who have attempted to make payments using Federal Reserve routing numbers and their Social Security numbers have not given their information to fraudsters.feedback

Marc Chandler - Brown Brothers Harriman

She didn't say anything that the market wanted to know about Fed policy. It's seen the 10-year yield slip and has seen the dollar weaken. It was not that she said anything bullish for foreign currencies; it was that she didn't say anything positive for the U.S.feedback

Chris Low

People had hoped for some excitement. The bond market is rallying with at least some people thinking (Yellen) would make the case for more rate hikes to take some steam out of the stock market.feedback

Mark Zandi - Moody's Analytics

I think there's a lot of pressure on the Federal Reserve to normalize monetary policy.feedback

Mark Haefele - UBS Wealth Management

Our current assessment of the overall risk and reward picture keeps us overweight global equities in our tactical asset allocation. Earnings and economic growth are strong enough, and central bank policy is still sufficiently loose to suggest that, in the absence of a shock, markets are likely to trend higher over the next six months.feedback

Kathy Lien - BK Asset Management

Due to the uncertainty in the global markets and recent sell-off in U.S. stocks, there's no better reason than the now for Yellen and Draghi to stick to script.feedback

Mark Cabana - Bank of America Merrill Lynch

I think [Yellen could] come out and suggest she sees increased risks to financial stability from easy financial conditions, similar to how some of the staff, at least at the last FOMC meeting, had noted valuation pressures have moved from notable to elevated.feedback

Shawn Sebastian - Federal Reserve System

We have been critical of Janet Yellen. Considering the other people under consideration, there's just no question.feedback

Michael Arone - State Street Global Advisors

I don't think she's going to use (Friday's) speech as her legacy, but I do think she and the Fed are concerned with what happens after they leave. [Alan] Greenspan was the 'maestro' until it fell apart, [Ben] Bernanke was credited with saving the markets but then criticized for keeping policy too easy. I think Yellen is very concerned with post-tenure bubbles popping and what will happen. Will she be a scapegoat for that?feedback

Paul Sheard - S&P Global

Financial stability is really important. If you have a financial crisis and you have financial instability, you really throw the economy into a lot of turmoil and you can't be achieving your objectives. One of her great achievements over the course of her four-year tenure was to communicate how the Fed would go about starting to unwind its balance sheet, to lay out the principles and start the process. When historians look back, that will be seen as a major achievement of her chairmanship.feedback

Michael Hood

The core CPI inflation rate, which excludes food and energy prices, hit 2.3 percent year-on-year in February. And the core PCE deflator, the index targeted by the Federal Reserve, ran at a 1.8 percent year-on-year clip in that same month, within shouting distance of the Fed's 2 percent goal. Our forecasts called for ongoing, gradual acceleration. Instead, inflation has gone into reverse during the past several months, with both indices dipping well below 2 percent in year-over-year terms. By some measures, wage inflation has also cooled recently.feedback

Esther George - Federal Reserve Bank Of Kansas City

I think we should continue with the gradual rate path. While we haven't hit 2 percent, I'm reminded that 2 percent is a target over the long term, and in the context of a growing economy, of jobs being added, I don't think it's an issue that we should be particularly concerned about unless we see something change.feedback

Gene Sperling

The Bernanke and Yellen Fed do deserve praise for very expansive and creative monetary policy and that there has been real policy since 2010. We should also equally recognize it doesn't mean things are good enough.feedback

Michael Vogelzang

The biggest risk we haven't talked about and one that, frankly, is more important than the political agenda, is what the Federal Reserve is doing in shrinking their balance sheet.feedback

Jeremy Klein - FBN Securities

Central bankers will begin gathering on Thursday night in one of the most highly anticipated Jackson Hole symposiums in recent memory. However, most analysts do not expect [Fed Chair] Janet Yellen or Mario Draghi to break any new ground with monetary policy when speaking at the conference. Shares should therefore regain their footing as we close out August and head into September albeit neither the Fed nor the ECB has enough sugar in the cupboard to make the medicine each will soon administer go down easily.feedback

Jordan Rochester

If Yellen makes this point in her Jackson Hole speech, that reinforces the likelihood that the FOMC [Federal Open Market Committee] will raise rates again at their meeting in December.feedback

James Knightley

Markets expect one rise in interest rates over the next 18 months but the Fed says it expects four rises, so it could become a nasty environment.feedback

Ian Shepherdson - Pantheon Macroeconomics

Clearly this is a prime opportunity for Ms Yellen to tell markets that the Fed expects to keep raising rates, despite the recent run of soft core consumer price inflation numbers, because the labour market cannot be allowed to tighten much further.feedback

Hiroko Iwaki - Mizuho Securities

People focus on inflation but in the Fed's minutes policy makers spend a lot of time discussing whether bond yields are too low or asset prices are too high. If Yellen questions market stability, markets will expect a tighter policy.feedback

Marc Chandler - Brown Brothers Harriman

I think Jackson Hole is going to be disappointing. Draghi is not going to say anything. Neither is Yellen.feedback

Greg Valliere

Cohn's probably the front-runner to replace Janet Yellen, so I can't see him voluntarily giving up an opportunity like that. I don't see him getting fired. I think he's held in high regard. It was clear to me and I think a lot of people on Tuesday that he was distressed by Trump's doubling down on the Charlottesville stuff, but I don't think it's sufficient for him to quit. I think like everyone at the White House, he's distressed about what Trump has done.feedback

Ben Bernanke - Federal Reserve System

Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.feedback

Bill Northey

Ultimately, as you step back from the intra-day, intra-week dynamics, the bigger influences between here and the year-end are the Federal Reserve and the normalization of the balance sheet.feedback

Jack Ablin

This [jobs report] does not give the federal reserve a clue one way or the other. It fits exactly into the trend. It's good I think the market will like it, but this offered no new information for the fed.feedback

Marc Chandler - Brown Brothers Harriman

I think this is a combination of negative news out of the U.S. and more positive news out of Europe. There are lower expectations for tighter monetary policy out of the Federal Reserve and higher expectations for more tightening out of the European Central Bank.feedback

Robert J. Samuelson

How the Fed manages to gradually shrink its bond holdings will shape the economy — and her legacy.feedback

Luke Hickmore - Aberdeen Asset Management

This is a clear signal that the Fed will start unwinding its gargantuan balance sheet in September. It also leaves the door open for one last rate hike in December. You get the sense that [Fed Chair Janet] Yellen would like to raise rates again this year. But inflation just doesn't support it at the moment. So the Fed needs to make a call on whether to put less stock in inflation or not.feedback

Jeremy J. Siegel

I was pleased with Trump's comments about Janet Yellen. I think she's done a good job ... I think that's a good team. I think that's a good team for the Trump administration. The fact that he has actively said he is considering her, I mean I think that should be very, very positive the markets.feedback

Stephen Wood - Russell Investments

The European Central Bank will be accommodative as opposed to the U.S. Federal Reserve, which is looking at how and when to take away accommodation. From the economic cycle perspective, we think Europe is stronger right now than the U.S. and the valuations are relatively attractive. That is going to take a little while for the market to digest.feedback

Mike van Dulken - Accendo Markets

It may provide some clarity on the outlook for further rate hikes in light of recent poor inflation data, and investors are eager to know more about the timing of its balance sheet unwind, however, Yellen may again only offer crumbs with which we can ponder for the rest of the summer.feedback

Peter Ireland

If you see inflation running below target persistently, for so long, it's really hard to get around the idea that, despite everything, monetary policy has actually not delivered sufficient accommodation. It's a reason not to clamor for additional rate hikes on top of what we've already seen.feedback

Janet L. Yellen - Federal Reserve System

It's premature to reach the judgment that we're not on the path to 2 percent inflation over the next couple of years. We're watching this very closely and stand ready to adjust our policy if it appears the inflation undershoot will be persistent.feedback

Bill Gross

The adherence of Yellen, Bernanke, Draghi, and Kuroda, among others, to standard historical models such as the Taylor Rule and the Phillips curve has distorted capitalism as we once knew it, with unknown consequences lurking in the shadows of future years.feedback

Joel Kan

Treasury yields were slightly lower last week as testimony from [Fed Chair Janet] Yellen was perceived to be more dovish than expected, and as the market received data signaling weaker inflation and retail sales for June. These factors kept the 30-year fixed-contract rate flat over the week.feedback

Janet L. Yellen - Federal Reserve System

I believe we have done a great deal since the financial crisis to strengthen the financial system and to make it more resilient. Some of them, yes.feedback

Robert Sinche - Amherst

I think it will be a delayed process. We need inflation more than anything else. The employment numbers don't matter, growth numbers don't matter. All that matters is inflation.feedback

Ward McCarthy - Jefferies

I think this has caused some consternation not just with Janet Yellen but with other people at the Fed, as well. It does look like it's going to slow down the normalization process.feedback

Viraj Patel

It is broadly a U.S. dollar-negative market as latest comments from Yellen and others suggest that interest rates will rise very gently and that is supportive for high-yielding currencies for now.feedback

Paul Fage - TD Securities

Global risk appetite has been good, most major stock markets are up over the week ... thanks to a mixture of Yellen and OK growth but not threatening growth.feedback

Janet L. Yellen - Federal Reserve System

We need to conduct a thorough investigation to look at the full record ... We are certainly prepared to take enforcement actions.feedback

Sherrod Brown

Lobbyists are using the success of these reforms as proof that they should now be gutted. I'm sure that every college student you taught in your long, distinguished academic career who struggled in class would have wanted the same thing. But they, unlike our nation's largest banks, would have been too embarrassed to ask their professor.feedback

Janet L. Yellen - Federal Reserve System

It is challenging to move productivity growth up that much, but I hope that Congress and the administration will focus on changes that will succeed in accomplishing that.feedback

Elizabeth Warren

How could removal of these board members not be warranted given the facts that we already know? Can you explain to me how the Wells board can possibly have satisfied its obligations under the Fed's risk management regulations?feedback

Janet L. Yellen - Federal Reserve System

Of course, considerable uncertainty always attends the economic outlook. There is, for example, uncertainty about when – and how much – inflation will respond to tightening resource utilization. Possible changes in fiscal and other government policies here in the United States represent another source of uncertainty.feedback

Janet L. Yellen - Federal Reserve System

The behavior that we saw was egregious and unacceptable and it is our job to understand what the root causes are of those failures. We are certainly prepared to take enforcement actions if those are appropriate. I haven't really decided that issue.feedback

Art Cashin

Finding a health-care bill that was not dead on arrival gave them the feeling not so much about health care but that maybe tax reform might have some life if these guys can get close to agreeing on health care.feedback

John Manley

She's aware of the inflation risks, she's aware of the deflation risk, she's aware of the asset bubble risk.feedback

Art Cashin

We started out with a bounce in the morning hoping that Yellen would bring another box of candy to the game. When she failed to do that, the market pulled back.feedback

Kathy Lien - BK Asset Management

Yellen gave some hope to the dollar bulls with her acknowledgement of the improvements in the economy, but at the end of the day investors are still skeptical of what data is going to be like. That's why you have not seen much in the way of additional follow through in dollar demand.feedback

Janet L. Yellen - Federal Reserve System

There are shocks that impact the economy, and a negative shock could end the expansion. But I don't see anything inherent in the nature of the expansion that suggests it will come to an end anytime soon.feedback

Elizabeth Warren

If bank directors that preside over the firing of thousands of employees for creating millions of fake accounts can keep their jobs, then I think every bank director in this country knows that they are bulletproof. You have the power to change the culture on Wall Street. I know you care about this issue. I hope you will use that power.feedback

Janet L. Yellen - Federal Reserve System

In the last five years, productivity growth has averaged a half percent. The last decade, something like 1.1 percent.feedback

Janet L. Yellen - Federal Reserve System

I will say that the behavior that we saw was egregious and unacceptable. We do have the power if it proves appropriate to remove directors. A number of actions already have been taken. We need to conduct a thorough investigation to look at the full record to understand the root causes of the problems. We are certainly prepared to take enforcement actions if those prove to be appropriate.feedback

Janet L. Yellen - Federal Reserve System

Spending on health care is an important aspect of household budgets, and changes there could have an affect on spending on a wide range of goods and services in the economy. And access to health care is important.feedback

Elizabeth Warren

Here's what worries me. Time after time, big banks cheat their customers, and no actual human beings are held accountable. Instead there's a fine, which is ultimately paid for by shareholders, not by executives and certainly not by directors of the board.feedback

Janet L. Yellen - Federal Reserve System

Ongoing job gains should continue to support the growth of incomes and, therefore, consumer spending; global economic growth should support further gains in US exports; and favorable financial conditions, coupled with the prospect of continued gains in domestic and foreign spending and the ongoing recovery in drilling activity, should continue to support business investment. These developments should increase resource utilisation somewhat further, thereby fostering a stronger pace of wage and price increases.feedback

Janet L. Yellen - Federal Reserve System

Monetary policy is not on a pre-set course. We're watching it very closely and stand ready to adjust our policy if it appears that the inflation under-shoot will be persistent.feedback

Jill Stein

The Federal Reserve basically cancels the debt, it doesn't cost taxpayers one penny.feedback

Bas Van Geffen - Rabobank

It mostly seems to be down to Yellen, . The fact that it seems like the Fed is going to take it slowly is being seen as a good sign by the equity markets and by the currency markets.feedback

Jared Bernstein

A study from the Federal Reserve underscores the importance of full employment for minority workers.feedback

Ethan Harris - Bank of America Merrill Lynch

The story here is we've had this big slowdown in the auto industry, which I think is legitimate. The auto industry has been driving sales aggressively with subprime lending and leasing agreements. They've pulled sales forward. I think the sector is peaking. It's the only major cyclical part of the economy that's cooled off. I don't think it's a sign of a broader weakening in the economy. I think it's specific to autos.feedback

Art Cashin

It's going to be important with the Fed sitting on their hands. How are the banks doing, without help from the yield curve?feedback

Art Cashin

People are discussing it. That gave people hope. The mere fact it wasn't dead on arrival gave some people hope for tax reform.feedback

Michael Crapo

I regularly hear from Idaho businessmen and women who are concerned about access to loans that would create jobs and build a healthy economy.feedback

Bart Wakabayashi - State Street

The overall assessment is that Yellen sounded dovish, but perhaps this was a result of her attempt to assuage too many concerns at once. Our data suggests that U.S. inflation is actually picking up again. The Fed appears to still be in a position to continue hiking rates.feedback

Mike van Dulken - Accendo Markets

Calls for a flat open are at odds with a positive US close and follow a mixed session in Asia overnight. While a less hawkish testimony from Fed Chair Yellen gave markets a boost yesterday, by inspiring hope of cheaper money for longer, USD weakness since has offered mixed blessings. FX hindrance could thus dent the FTSE today as GBP/USD extends its rebound to $1.29, weighing on London-listed stocks with an international reliance. However, remember also that a weaker USD also represents a benefit for the key commodity space, namely oil and miners.feedback

Yoshihiro Okumura

When market's volatility is low, investors look to small-to-mid cap stocks after giving up chasing large cap stocks higher.feedback

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