Who is on this subjectordered by the date of their first quote here
1 of 2 lane rests on fewer than 5 quotes and is marked thin.
- John Williams 29
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Kevin Warsh
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thin
The chronologysourced and dated, oldest first
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Kevin Warsh
Warsh notes the FOMC unanimously reaffirmed its Statement on Longer-Run Goals and Monetary Policy Strategy at its organizational meeting.
“The Federal Open Market Committee, at its annual organizational meeting this week, unanimously reaffirmed its "Statement of Longer-Run Goals and Monetary Policy Strategy."”
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John Williams
Williams says the FOMC determined in December that reserves had reached ample levels after three years of runoff.
“After more than three years of balance sheet reduction, the FOMC ended runoff last fall, then determined in December that reserves had reached ample levels, consistent with the principles and plans it had outlined in 2022.”
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John Williams
Williams says the FOMC determined in December that reserves had reached ample levels after three years of runoff.
“After more than three years of balance sheet reduction, the FOMC ended runoff last fall, then determined in December that reserves had reached ample levels, consistent with the principles and plans it had outlined in 2022.”
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John Williams
Williams says FOMC ended balance sheet runoff December 1 and began reserve management purchases in December 2025.
“First, having determined that reserve balances were approaching the ample range, at its October 2025 meeting it decided to conclude the runoff of aggregate SOMA securities holdings effective December 1; and second, when it judged that reserves declined to the ample range in December, it instructed the Desk to begin reserve management purchases (RMPs) to maintain reserves within that range.”
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John Williams
Williams confirms the FOMC ended balance sheet runoff effective December 1.
“the Committee made that decision at its October meeting, with portfolio runoff ending effective December 1.”
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John Williams
Williams says the fed funds rate has been outside target range on only one day since January 2019.
“since the formal adoption of the current ample reserves framework in January 2019, the effective federal funds rate has been outside of the target range on only one day, in September 2019 ( Panel 1 ).”
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John Williams
Williams says inflation is about 4 percent, well above the 2 percent goal, driven by three factors.
“Inflation is unquestionably too high at about 4 percent, 1 well above the FOMC’s longer-run goal of 2 percent. This elevation primarily reflects three drivers.”
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John Williams
Williams states inflation is at about 4 percent, well above the 2 percent goal.
“Inflation is unquestionably too high at about 4 percent, 1 well above the FOMC’s longer-run goal of 2 percent.”
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John Williams
Williams expects inflation to stay above 2 percent for the next few quarters due to tariffs and energy prices.
“I expect inflation to remain elevated and above the FOMC’s longer-run 2 percent goal for the next few quarters, largely due to those two factors.”
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John Williams
Williams expects inflation to stay above 2 percent for the next few quarters due to tariffs and energy prices.
“I expect inflation to remain elevated and above the FOMC’s longer-run 2 percent goal for the next few quarters, largely due to those two factors.”
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John Williams
Williams highlights June FOMC change allowing temporary pauses in reserve management purchases based on money market conditions.
“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.”
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John Williams
Williams highlights June FOMC change allowing temporary pauses in reserve management purchases based on money market conditions.
“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.”
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John Williams
Williams says 75 basis points of cuts in 2025 moved policy closer to neutral from modestly restrictive.
“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.”
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John Williams
Williams confirms FOMC kept the federal funds rate at 4.25 to 4.5 percent.
“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.”
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John Williams
Williams confirms FOMC kept the federal funds rate at 4.25 to 4.5 percent.
“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.”
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John Williams
Williams forecasts inflation peaking at 2.75-3 percent in first half, reaching 2 percent goal in 2027.
“I expect inflation will be just under 2-1/2 percent for this year as a whole, before reaching the FOMC’s longer-run 2 percent goal in 2027.”
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John Williams
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.”
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John Williams
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.”
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John Williams
Williams says further rate cuts will eventually be warranted to prevent policy from becoming inadvertently restrictive.
“Looking further ahead, if inflation follows the path I expect, further reductions in the federal funds rate will eventually be warranted to prevent monetary policy from inadvertently becoming more restrictive.”
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John Williams
Williams reports FOMC maintained fed funds rate at 3.5 to 3.75 percent at mid-June meeting.
“Accordingly, at its meeting in mid-June, the FOMC decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent in support of the Fed’s dual mandate.”
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John Williams
Williams reports FOMC maintained fed funds rate at 3.5 to 3.75 percent at mid-June meeting.
“Accordingly, at its meeting in mid-June, the FOMC decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent in support of the Fed’s dual mandate.”
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John Williams
Williams announces FOMC decided in October to end balance sheet runoff on December 1.
“At its meeting in October, the FOMC decided it would conclude the reduction of its aggregate securities holdings on December 1.”
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John Williams
Williams announces FOMC decided in October to end balance sheet runoff on December 1.
“At its meeting in October, the FOMC decided it would conclude the reduction of its aggregate securities holdings on December 1.”
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John Williams
Williams announces FOMC will end balance sheet runoff on December 1.
“At its meeting last week, the FOMC decided it would conclude the reduction of its aggregate securities holdings on December 1.”
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John Williams
Williams announces FOMC will end balance sheet runoff on December 1.
“At its meeting last week, the FOMC decided it would conclude the reduction of its aggregate securities holdings on December 1.”
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John Williams
Williams clarifies future reserve management purchases will not represent a change in monetary policy stance.
“Such reserve management purchases will represent the natural next stage of the implementation of the FOMC’s ample reserves strategy and in no way represent a change in the underlying stance of monetary policy.”
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John Williams
Williams explains runoff stoppage aligns with 2022 plan to end when reserves reach somewhat above ample.
“In its May 2022 plans, the Committee stated that it would stop runoff when reserves were somewhat above an ample level.”
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John Williams
Williams clarifies future reserve management purchases will not represent a change in monetary policy stance.
“Such reserve management purchases will represent the natural next stage of the implementation of the FOMC’s ample reserves strategy and in no way represent a change in the underlying stance of monetary policy.”
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John Williams
Williams cautions policymakers against placing too much confidence in precise r-star estimates when making decisions.
“Although these estimates are useful for analysis and transparency, policymakers are well advised to avoid placing too great confidence in precise estimates of the stars in making real-world assessments and decisions.”
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John Williams
Williams says the Committee will consider stopping runoff when reserves reach ample levels.
“The Committee has indicated that it will consider stopping balance sheet runoff when we reach that point.”
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