Williams argues central banks should support economic historians because they can efficiently provide complementary research inputs.
“This observation to me provides a compelling reason for why a central bank Research Group should support economic historians.”
Williams says average effective tariff rate estimates range between 15 and 20 percent.
“Combining enacted and announced tariffs, estimates of the resulting average effective tariff rate range somewhere between 15 and 20 percent.”
Williams reports the FOMC held the federal funds rate at 3.5 to 3.75 percent.
“Accordingly, at its meeting last week, the FOMC decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent.”
Williams suggests centrally clearing standing repo operations could improve participation and efficacy, noting other central banks moving this way.
“Centrally clearing SRPs would be one way to reduce such cost and thus could further improve counterparty participation and the efficacy of SRPs in curbing rate pressures and maintaining the stability of funding markets.”