https://minutesof.com/john-williams/on/monetary-policy/ Everything John Williams has said on monetary policy: 20 verbatim quotes, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:23:02 +0000 https://minutesof.com/q/f9727a72-a98f-4803-a265-497c78c476db/ https://minutesof.com/q/f9727a72-a98f-4803-a265-497c78c476db/ “Treasury repo rates later notably declined, falling as low as 15 basis points below the interest rate on reserve balances (IORB) in mid-May, though they have since rebounded.” — NY Fed speeches monetary policy https://minutesof.com/q/8d0becfd-b895-42a9-994d-678e5fade4cb/ https://minutesof.com/q/8d0becfd-b895-42a9-994d-678e5fade4cb/ “I interpret the remaining factors (seasonally low bill supply, increased dealer repo intermediation capacity, reduced repo financing demand, and a temporary increase in government-sponsored enterprise [GSE] repo investment activity) as ones that induced a downward shift in the reserve demand curve.” — NY Fed speeches monetary policy https://minutesof.com/q/d9c1d41c-447a-4969-b4d7-4c90d7745940/ https://minutesof.com/q/d9c1d41c-447a-4969-b4d7-4c90d7745940/ “In the Fed’s monetary policy implementation framework, an ample supply of U.S. dollar reserves delivers adequate liquidity to the banking system, helping to maintain rate control and smooth market functioning.” — NY Fed speeches monetary policy https://minutesof.com/q/74b959fc-1234-4c1d-a3fe-7eb64c79a6ae/ https://minutesof.com/q/74b959fc-1234-4c1d-a3fe-7eb64c79a6ae/ “Third, it implies being clear-eyed and disciplined in adapting to and communicating the changing economic landscape and resulting policy trade-offs and decisions.” — NY Fed speeches monetary policy https://minutesof.com/q/8764bb3d-0171-4c4b-b164-041fa475c480/ https://minutesof.com/q/8764bb3d-0171-4c4b-b164-041fa475c480/ “3 International facilities including the central bank swap lines and the Foreign and International Monetary Authorities (FIMA) Repo Facility help ensure well-functioning U.S. dollar funding markets domestically and abroad.” — NY Fed speeches monetary policy https://minutesof.com/q/770297c4-8eee-4335-a90a-1d1ebae7acf2/ https://minutesof.com/q/770297c4-8eee-4335-a90a-1d1ebae7acf2/ “Many of you will have noticed that the FOMC implementation note was changed at the June meeting to make explicit that temporary pauses in RMPs could occur if money market conditions warrant.” — NY Fed speeches monetary policy https://minutesof.com/q/666eafe7-7515-4e4b-bbc9-f1746c174c60/ https://minutesof.com/q/666eafe7-7515-4e4b-bbc9-f1746c174c60/ “By reducing the target range for the federal funds rate by a cumulative 75 basis points last year, the FOMC has moved the modestly restrictive stance of monetary policy closer to neutral.” — NY Fed speeches monetary policy https://minutesof.com/q/1285e436-2640-4e06-8d21-75d38dfaf27a/ https://minutesof.com/q/1285e436-2640-4e06-8d21-75d38dfaf27a/ “the FOMC decided at its meeting last week to leave the target range for the federal funds rate unchanged at 4-1/4 to 4-1/2 percent.” — NY Fed speeches monetary policy https://minutesof.com/q/1ef9e3dd-4051-4826-a29a-d167064aafdf/ https://minutesof.com/q/1ef9e3dd-4051-4826-a29a-d167064aafdf/ “As I said, it’s hard to estimate exactly what constitutes an ample level of reserves. We know that number is lower than the current $3.2 trillion, since market indicators still point to reserves remaining abundant.” — NY Fed speeches monetary policy https://minutesof.com/q/a25d2526-b185-43c4-a939-325b3c8c3d10/ https://minutesof.com/q/a25d2526-b185-43c4-a939-325b3c8c3d10/ “Looking ahead, if progress on our dual mandate goals continues as in my baseline forecast, I anticipate it will become appropriate to move interest rates toward a more neutral stance over time.” — NY Fed speeches monetary policy https://minutesof.com/q/1ca2de75-dfad-47c0-959a-797f3ccd184a/ https://minutesof.com/q/1ca2de75-dfad-47c0-959a-797f3ccd184a/ “Centrally clearing SRPs would be one way to reduce such costs. Strictly from a monetary policy implementation perspective, there are likely benefits from offering a centrally cleared version of SRPs.” — NY Fed speeches monetary policy https://minutesof.com/q/19de094f-25f2-46af-9b36-22bdaa172708/ https://minutesof.com/q/19de094f-25f2-46af-9b36-22bdaa172708/ “Strictly from a monetary policy implementation perspective, there are likely benefits from offering a centrally cleared version of SRPs.” — NY Fed speeches monetary policy https://minutesof.com/q/ee37eab4-0adc-408e-a9d7-ecd267336110/ https://minutesof.com/q/ee37eab4-0adc-408e-a9d7-ecd267336110/ “An adjustment to our monthly purchase pace is likely to happen soon. Beyond April, the TGA is likely to decline as the Treasury uses the funds it receives via tax inflows to pay its obligations.” — NY Fed speeches monetary policy https://minutesof.com/q/9b8c5e49-e626-4b93-b5fa-7af3df494181/ https://minutesof.com/q/9b8c5e49-e626-4b93-b5fa-7af3df494181/ “But, as the Desk said in its statement in December, the monthly pace can likely be significantly reduced after April.” — NY Fed speeches monetary policy https://minutesof.com/q/d0d60d54-0171-4dcb-a1d1-4387457a2e26/ https://minutesof.com/q/d0d60d54-0171-4dcb-a1d1-4387457a2e26/ “Therefore, one cannot judge whether the policy is optimal simply because the mean spread equals its target.” — NY Fed speeches monetary policy https://minutesof.com/q/f2c1dfaf-8dff-4a54-a41b-be3c3136b4b9/ https://minutesof.com/q/f2c1dfaf-8dff-4a54-a41b-be3c3136b4b9/ “Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral,” — NY Fed speeches monetary policy https://minutesof.com/q/f79e6242-2b3e-4e98-8e70-6b864944ec33/ https://minutesof.com/q/f79e6242-2b3e-4e98-8e70-6b864944ec33/ “This finding that r-star has not meaningfully rebounded is in line with evidence from a variety of models of r-star in the U.S., which show a relatively modest increase of one-quarter to one-half of a percentage point in real-time estimates of r-star between the third quarter of 2018 and the first quarter of 2025.” — NY Fed speeches monetary policy https://minutesof.com/q/e56ba250-d66a-47a8-804e-ae6b47a288c5/ https://minutesof.com/q/e56ba250-d66a-47a8-804e-ae6b47a288c5/ “Given the wide range of uncertainties, acting as if one knows the star variables when making policy can lead to persistent deviations of inflation from the target that risk unmooring inflation expectations.” — NY Fed speeches monetary policy https://minutesof.com/q/bcb6d55d-d1c2-4caa-9a73-890be46c0dc6/ https://minutesof.com/q/bcb6d55d-d1c2-4caa-9a73-890be46c0dc6/ “In other words, there is no single best way to supply reserves; rather, the best mix of tools depends on circumstances and policy preferences unique to each jurisdiction.” — NY Fed speeches monetary policy https://minutesof.com/q/f92c5f1f-dc40-495f-bfc9-115a2ab0f6a5/ https://minutesof.com/q/f92c5f1f-dc40-495f-bfc9-115a2ab0f6a5/ “In particular, future potential changes to bank regulatory liquidity requirements may eventually reduce demand for reserves.” — NY Fed speeches monetary policy