The Minutes of John Williams on theory https://minutesof.com/john-williams/on/theory/ Everything John Williams has said on theory: 1 verbatim quote, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:23:04 +0000 Williams explains the perverse result comes from wealth effects and higher rates leading households to consume https://minutesof.com/q/08a701be-9fe2-4ef1-8940-1a5636de83c8/ https://minutesof.com/q/08a701be-9fe2-4ef1-8940-1a5636de83c8/ “This “perverse” result, in the words of John Campbell (1994), 5 stems from the combination of a strong wealth effect and higher expected real interest rates, which contribute to a transition period during which households enjoy greater consumption and leisure.” — NY Fed speeches theory