The Minutes of John Williams on volatility https://minutesof.com/john-williams/on/volatility/ Everything John Williams has said on volatility: 3 verbatim quotes, each with a timestamp and a link to the recording it came from. en Fri, 23 Oct 2026 11:03:04 +0000 Williams notes productivity growth swings from minus 2 to 7 percent yearly versus 2 percent long-run average. https://minutesof.com/q/a8d917de-05e8-4dfa-9e28-7be55b0b50eb/ https://minutesof.com/q/a8d917de-05e8-4dfa-9e28-7be55b0b50eb/ “Year-over-year productivity growth swings from minus 2 percent to 7 percent, compared to the long-run average of just over 2 percent ( Figure 1 ).” — NY Fed speeches volatility Williams says the FX market withstood April volatility with stable spreads and increased platform volumes. https://minutesof.com/q/e2d4642f-a6d4-4b91-80e8-979770fc9802/ https://minutesof.com/q/e2d4642f-a6d4-4b91-80e8-979770fc9802/ “The market withstood those pressures, as evidenced by fairly stable bid-ask spreads, market depth, and price impact measures. Trading volumes on primary platforms also increased notably, as is typical during highly volatile periods.” — NY Fed speeches volatility Williams says non-reserve liabilities have swung by up to $460 billion over one-month periods recently. https://minutesof.com/q/d91b443c-e993-462a-a133-296e15d30f64/ https://minutesof.com/q/d91b443c-e993-462a-a133-296e15d30f64/ “In recent years, aggregate non-reserve liabilities (excluding ON RRP) have increased by as much as about $250 billion on certain days and by as much as roughly $460 billion over a rolling 1-month time horizon ( Panel 10 ).” — NY Fed speeches volatility