https://minutesof.com/on/inflation/ Everyone on the record about inflation: 104 verbatim quotes from 8 people, December 2019 to August 2026, in one chronology, each with a timestamp and a… en Sun, 30 Aug 2026 22:33:01 +0000 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.” — John Williams, NY Fed speeches inflation 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.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/d2e845f1-39e4-49d4-a785-e5d0881dbef5/ https://minutesof.com/q/d2e845f1-39e4-49d4-a785-e5d0881dbef5/ “This principle has become a bedrock of modern central banking, as economic analysis and history have shown that anchoring inflation expectations is important in maintaining low and stable inflation.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/d2e845f1-39e4-49d4-a785-e5d0881dbef5/ https://minutesof.com/q/d2e845f1-39e4-49d4-a785-e5d0881dbef5/ “This principle has become a bedrock of modern central banking, as economic analysis and history have shown that anchoring inflation expectations is important in maintaining low and stable inflation.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/eca4b5aa-6f50-49e9-b602-dacfce66e159/ https://minutesof.com/q/eca4b5aa-6f50-49e9-b602-dacfce66e159/ “Indeed, with immediate recognition (not shown), the depressing effect on the inflation rate is trivial, less than one tenth of a percentage point.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/3dcecd46-1544-4b78-a32e-67886db62db3/ https://minutesof.com/q/3dcecd46-1544-4b78-a32e-67886db62db3/ “My assessment is that the downside risks to employment have increased as the labor market has cooled, while the upside risks to inflation have lessened somewhat.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/3dcecd46-1544-4b78-a32e-67886db62db3/ https://minutesof.com/q/3dcecd46-1544-4b78-a32e-67886db62db3/ “My assessment is that the downside risks to employment have increased as the labor market has cooled, while the upside risks to inflation have lessened somewhat.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/989b070c-1a42-45f6-aa78-1a5169a38365/ https://minutesof.com/q/989b070c-1a42-45f6-aa78-1a5169a38365/ “For the reasons I outlined a moment ago, I expect overall inflation to decline to around 3-1/4 percent by year-end, then continue on a glide path toward our 2 percent goal in 2027 and land on target in 2028.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/989b070c-1a42-45f6-aa78-1a5169a38365/ https://minutesof.com/q/989b070c-1a42-45f6-aa78-1a5169a38365/ “For the reasons I outlined a moment ago, I expect overall inflation to decline to around 3-1/4 percent by year-end, then continue on a glide path toward our 2 percent goal in 2027 and land on target in 2028.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/aec4dd09-0b46-40fa-a73b-cfb2110bf9ca/ https://minutesof.com/q/aec4dd09-0b46-40fa-a73b-cfb2110bf9ca/ “My estimate is that increased tariffs have contributed about one half to three quarters of a percentage point to the current inflation rate.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/aec4dd09-0b46-40fa-a73b-cfb2110bf9ca/ https://minutesof.com/q/aec4dd09-0b46-40fa-a73b-cfb2110bf9ca/ “My estimate is that increased tariffs have contributed about one half to three quarters of a percentage point to the current inflation rate.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/b502edb7-d1c4-468d-b134-843af44fcff0/ https://minutesof.com/q/b502edb7-d1c4-468d-b134-843af44fcff0/ “And I expect PCE inflation to come in between 3 and 3-1/4 percent this year, before declining to around 2-1/2 percent next year, and reaching 2 percent in 2027.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/b502edb7-d1c4-468d-b134-843af44fcff0/ https://minutesof.com/q/b502edb7-d1c4-468d-b134-843af44fcff0/ “And I expect PCE inflation to come in between 3 and 3-1/4 percent this year, before declining to around 2-1/2 percent next year, and reaching 2 percent in 2027.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/addfcb3f-d598-4e9e-8e59-50bb3d885890/ https://minutesof.com/q/addfcb3f-d598-4e9e-8e59-50bb3d885890/ “I anticipate inflation will come in between 3 and 3-1/2 percent in 2025, and then fall back to about 2-1/2 percent next year before reaching 2 percent in 2027.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/addfcb3f-d598-4e9e-8e59-50bb3d885890/ https://minutesof.com/q/addfcb3f-d598-4e9e-8e59-50bb3d885890/ “I anticipate inflation will come in between 3 and 3-1/2 percent in 2025, and then fall back to about 2-1/2 percent next year before reaching 2 percent in 2027.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/83a10d3b-cfb2-4a60-b531-309171f74bdd/ https://minutesof.com/q/83a10d3b-cfb2-4a60-b531-309171f74bdd/ “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.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/07620c11-1516-4239-b121-256af5477b84/ https://minutesof.com/q/07620c11-1516-4239-b121-256af5477b84/ “And with the effects of tariffs on inflation waning later in the year, I expect overall inflation to come in at around 2-1/2 percent in 2026, then fall to 2 percent in 2027.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/07620c11-1516-4239-b121-256af5477b84/ https://minutesof.com/q/07620c11-1516-4239-b121-256af5477b84/ “And with the effects of tariffs on inflation waning later in the year, I expect overall inflation to come in at around 2-1/2 percent in 2026, then fall to 2 percent in 2027.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/74a9dac1-cbb8-465b-8098-f2bc918d105c/ https://minutesof.com/q/74a9dac1-cbb8-465b-8098-f2bc918d105c/ “With this deceleration of real GDP, I expect the unemployment rate to rise to around 4-1/2 percent by the end of this year.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/e9585464-0edc-4a16-b5d4-cae2204f5302/ https://minutesof.com/q/e9585464-0edc-4a16-b5d4-cae2204f5302/ “I expect overall inflation to come in at around 2-3/4 percent this year, before reaching our longer-run 2 percent target in 2027.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/e9585464-0edc-4a16-b5d4-cae2204f5302/ https://minutesof.com/q/e9585464-0edc-4a16-b5d4-cae2204f5302/ “I expect overall inflation to come in at around 2-3/4 percent this year, before reaching our longer-run 2 percent target in 2027.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/3a4424d0-1ff0-4768-a6ea-216f82f1087d/ https://minutesof.com/q/3a4424d0-1ff0-4768-a6ea-216f82f1087d/ “Looking ahead, my base case is for inflation to be about 3 percent this year, before dropping to our 2 percent target in 2027” — John Williams, NY Fed speeches inflation https://minutesof.com/q/3a4424d0-1ff0-4768-a6ea-216f82f1087d/ https://minutesof.com/q/3a4424d0-1ff0-4768-a6ea-216f82f1087d/ “Looking ahead, my base case is for inflation to be about 3 percent this year, before dropping to our 2 percent target in 2027” — John Williams, NY Fed speeches inflation https://minutesof.com/q/c3340250-cad1-4eef-b4f9-74a786310f27/ https://minutesof.com/q/c3340250-cad1-4eef-b4f9-74a786310f27/ “I anticipate inflation will peak at around 2-3/4 to 3 percent sometime during the first half of this year, before starting to fall back.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/c3340250-cad1-4eef-b4f9-74a786310f27/ https://minutesof.com/q/c3340250-cad1-4eef-b4f9-74a786310f27/ “I anticipate inflation will peak at around 2-3/4 to 3 percent sometime during the first half of this year, before starting to fall back.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/6c0a3b5f-7988-4bbb-9a1f-d7c9b95057e9/ https://minutesof.com/q/6c0a3b5f-7988-4bbb-9a1f-d7c9b95057e9/ “Given the lack of second-round effects and well-anchored inflation expectations, I expect the tariffs largely to have one-off effects on prices.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/6c0a3b5f-7988-4bbb-9a1f-d7c9b95057e9/ https://minutesof.com/q/6c0a3b5f-7988-4bbb-9a1f-d7c9b95057e9/ “Given the lack of second-round effects and well-anchored inflation expectations, I expect the tariffs largely to have one-off effects on prices.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/4b4ab5ce-c32d-4b87-b492-66860f295bc3/ https://minutesof.com/q/4b4ab5ce-c32d-4b87-b492-66860f295bc3/ “Overall, I expect tariffs to boost inflation by about 1 percentage point over the second half of this year and the first part of next year.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/4b4ab5ce-c32d-4b87-b492-66860f295bc3/ https://minutesof.com/q/4b4ab5ce-c32d-4b87-b492-66860f295bc3/ “Overall, I expect tariffs to boost inflation by about 1 percentage point over the second half of this year and the first part of next year.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/0c99c63b-e8bb-41f7-b9dd-bfc081dbbe4a/ https://minutesof.com/q/0c99c63b-e8bb-41f7-b9dd-bfc081dbbe4a/ “Until COVID-19, central banks in emerging economies, including many in Latin America, typically had followed the lead of the Fed when responding to shocks.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/50ddf5ce-384a-4023-8e03-58a36ee64537/ https://minutesof.com/q/50ddf5ce-384a-4023-8e03-58a36ee64537/ “All in all, although we are only seeing relatively modest effects of tariffs in the hard aggregate data so far, I expect those effects to increase in coming months.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/15fc85f4-61bf-4fdb-abc1-7a335f5c3744/ https://minutesof.com/q/15fc85f4-61bf-4fdb-abc1-7a335f5c3744/ “All in all, I expect tariffs will boost overall prices by a total of between 1 and 1-1/2 percent, with these effects continuing through the first half of next year.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/99305e12-38f7-4d6f-b594-ac79528569f1/ https://minutesof.com/q/99305e12-38f7-4d6f-b594-ac79528569f1/ “Indeed, almost a third of manufacturers and nearly half of service firms reported fully passing along all tariff-related cost increases.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/837ef5a0-0036-4bc9-9c54-6210e20d630b/ https://minutesof.com/q/837ef5a0-0036-4bc9-9c54-6210e20d630b/ “There are no signs of significant second-round effects from tariffs spilling over to the rest of the economy,” — John Williams, NY Fed speeches inflation https://minutesof.com/q/51d8e4c7-436b-4456-94e4-6d1624100eaa/ https://minutesof.com/q/51d8e4c7-436b-4456-94e4-6d1624100eaa/ “My current estimate is that, to date, the increase in tariffs has contributed around one half to three quarters of a percentage point to the current inflation rate of about 3 percent.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/51d8e4c7-436b-4456-94e4-6d1624100eaa/ https://minutesof.com/q/51d8e4c7-436b-4456-94e4-6d1624100eaa/ “My current estimate is that, to date, the increase in tariffs has contributed around one half to three quarters of a percentage point to the current inflation rate of about 3 percent.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/d12909d1-1c84-40d0-931f-0f5112b6b36c/ https://minutesof.com/q/d12909d1-1c84-40d0-931f-0f5112b6b36c/ “My expectation is that any new tariffs will primarily replace those that were curtailed or will soon expire, so we shouldn’t see a significant additional impulse on prices from this source going forward.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/a4ac1c30-ba52-48a7-8ba8-493916521fed/ https://minutesof.com/q/a4ac1c30-ba52-48a7-8ba8-493916521fed/ “inflation is currently hovering around 3 percent, with tariffs contributing between one half and three quarters of a percentage point to this figure.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/a4ac1c30-ba52-48a7-8ba8-493916521fed/ https://minutesof.com/q/a4ac1c30-ba52-48a7-8ba8-493916521fed/ “inflation is currently hovering around 3 percent, with tariffs contributing between one half and three quarters of a percentage point to this figure.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/9df06e8e-0a4a-4145-9485-d30234e25f7c/ https://minutesof.com/q/9df06e8e-0a4a-4145-9485-d30234e25f7c/ “As a result, we are seeing sharp increases in the prices of semiconductors, power transformers, and other technology that is essential for the AI buildout.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/ecd09b44-67b7-4494-978c-8c8fe2c0025e/ https://minutesof.com/q/ecd09b44-67b7-4494-978c-8c8fe2c0025e/ “I am confident that these investments will support strong productivity growth in coming years. But, right now, we’re in a race between available supply and surging demand.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/9ba2a9b8-6509-4b97-a1cc-47b5d00a3d7e/ https://minutesof.com/q/9ba2a9b8-6509-4b97-a1cc-47b5d00a3d7e/ “The combination of higher tariffs and energy prices has contributed about a percentage point to that figure.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/081766ba-afc2-4394-90e3-8a6fe2a4d6e0/ https://minutesof.com/q/081766ba-afc2-4394-90e3-8a6fe2a4d6e0/ “The second is supply chain disruptions and higher energy and commodity prices owing to the conflict in the Middle East.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/c98817e3-78e3-49f2-8160-1f63083b1cbe/ https://minutesof.com/q/c98817e3-78e3-49f2-8160-1f63083b1cbe/ “The first is the effect of higher tariffs on imported goods. The second is supply chain disruptions and higher energy and commodity prices owing to the conflict in the Middle East.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/e71732c3-e265-43e7-8be9-05f1f292bd59/ https://minutesof.com/q/e71732c3-e265-43e7-8be9-05f1f292bd59/ “On the price stability side of the Fed’s dual mandate, overall inflation—as measured by the Personal Consumption Expenditures price index—rose to 3-1/2 percent in March.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/e71732c3-e265-43e7-8be9-05f1f292bd59/ https://minutesof.com/q/e71732c3-e265-43e7-8be9-05f1f292bd59/ “On the price stability side of the Fed’s dual mandate, overall inflation—as measured by the Personal Consumption Expenditures price index—rose to 3-1/2 percent in March.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/e2f7621e-8b46-43f9-bb0d-976d3c80820a/ https://minutesof.com/q/e2f7621e-8b46-43f9-bb0d-976d3c80820a/ “This elevation primarily reflects three drivers. The first is the effect of higher tariffs on imported goods.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/4d86b5a9-877a-4f22-b6cd-044637367d1f/ https://minutesof.com/q/4d86b5a9-877a-4f22-b6cd-044637367d1f/ “Inflation is unquestionably too high at about 4 percent, 1 well above the FOMC’s longer-run goal of 2 percent.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/4d86b5a9-877a-4f22-b6cd-044637367d1f/ https://minutesof.com/q/4d86b5a9-877a-4f22-b6cd-044637367d1f/ “Inflation is unquestionably too high at about 4 percent, 1 well above the FOMC’s longer-run goal of 2 percent.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/385e05c1-152d-493e-b199-f685057f2b10/ https://minutesof.com/q/385e05c1-152d-493e-b199-f685057f2b10/ “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.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/385e05c1-152d-493e-b199-f685057f2b10/ https://minutesof.com/q/385e05c1-152d-493e-b199-f685057f2b10/ “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.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/f93cc238-75ef-4af4-adb6-a23b43dffe9e/ https://minutesof.com/q/f93cc238-75ef-4af4-adb6-a23b43dffe9e/ “Longer-run inflation expectations have remained stable. And with the pullback in tariffs since early April, short- and medium-term inflation expectations have receded back close to their pre-pandemic averages.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/5cb32714-d4d4-4eaa-bec6-877c2f88b8ab/ https://minutesof.com/q/5cb32714-d4d4-4eaa-bec6-877c2f88b8ab/ “A low r-star implies the economy can encounter more frequent and longer periods when monetary policy is constrained by the effective lower bound on nominal interest rates, potentially impeding the achievement of a central bank’s inflation goals and other macroeconomic objectives.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/52a2efcc-891f-4590-8b5e-12261e6e8a13/ https://minutesof.com/q/52a2efcc-891f-4590-8b5e-12261e6e8a13/ “My current estimate is that the increase in tariffs to date has contributed around one half of a percentage point to the current inflation rate of about 2-3/4 percent.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/52a2efcc-891f-4590-8b5e-12261e6e8a13/ https://minutesof.com/q/52a2efcc-891f-4590-8b5e-12261e6e8a13/ “My current estimate is that the increase in tariffs to date has contributed around one half of a percentage point to the current inflation rate of about 2-3/4 percent.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/51f2e00e-7ee3-4707-ae15-0e1532531e40/ https://minutesof.com/q/51f2e00e-7ee3-4707-ae15-0e1532531e40/ “The productivity slowdown of the 1970s contributed to stagflation. And the productivity boom of the late 1990s and early 2000s was a contributing factor to that decade’s economic prosperity with low inflation.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/51f2e00e-7ee3-4707-ae15-0e1532531e40/ https://minutesof.com/q/51f2e00e-7ee3-4707-ae15-0e1532531e40/ “The productivity slowdown of the 1970s contributed to stagflation. And the productivity boom of the late 1990s and early 2000s was a contributing factor to that decade’s economic prosperity with low inflation.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/a6d5e80a-e4c1-4c24-9d37-f081e6ba53d1/ https://minutesof.com/q/a6d5e80a-e4c1-4c24-9d37-f081e6ba53d1/ “at that time stock exchange floors were loud places crowded with people and paper, Paul Volcker was the Federal Reserve chairman, having helped steer the country out of a period of high inflation, and a single European currency remained just an idea.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/a6d5e80a-e4c1-4c24-9d37-f081e6ba53d1/ https://minutesof.com/q/a6d5e80a-e4c1-4c24-9d37-f081e6ba53d1/ “at that time stock exchange floors were loud places crowded with people and paper, Paul Volcker was the Federal Reserve chairman, having helped steer the country out of a period of high inflation, and a single European currency remained just an idea.” — John Williams, NY Fed speeches inflation https://minutesof.com/q/2e7359ec-6e03-429f-bf85-ec54d314c078/ https://minutesof.com/q/2e7359ec-6e03-429f-bf85-ec54d314c078/ “The updated statement, also commonly known as the consensus statement, emphasizes that the FOMC's monetary policy strategy is designed to promote the congressionally-assigned goals of maximum employment and stable prices across a broad range of economic conditions for the benefit and well-being of all Americans.” — Kevin Warsh, FOMC press conferences (video and transcript) inflation https://minutesof.com/q/01437dff-5d96-4bee-b799-12ae51314328/ https://minutesof.com/q/01437dff-5d96-4bee-b799-12ae51314328/ “We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.” — Kevin Warsh, Financial Times Fri, 28 Aug 2026 17:44:56 +0000 inflation https://minutesof.com/q/01437dff-5d96-4bee-b799-12ae51314328/ https://minutesof.com/q/01437dff-5d96-4bee-b799-12ae51314328/ “We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.” — Kevin Warsh, Financial Times Fri, 28 Aug 2026 17:44:56 +0000 inflation https://minutesof.com/q/265aa8ae-0d94-417e-b267-8b320e428ecc/ https://minutesof.com/q/265aa8ae-0d94-417e-b267-8b320e428ecc/ “So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed.” — Kevin Warsh, Financial Times Fri, 28 Aug 2026 17:44:56 +0000 inflation https://minutesof.com/q/265aa8ae-0d94-417e-b267-8b320e428ecc/ https://minutesof.com/q/265aa8ae-0d94-417e-b267-8b320e428ecc/ “So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed.” — Kevin Warsh, Financial Times Fri, 28 Aug 2026 17:44:56 +0000 inflation https://minutesof.com/q/b80d41df-a379-465a-bb31-0e535cd77114/ https://minutesof.com/q/b80d41df-a379-465a-bb31-0e535cd77114/ “Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices.” — Kevin Warsh, Financial Times Fri, 28 Aug 2026 17:44:56 +0000 inflation https://minutesof.com/q/b80d41df-a379-465a-bb31-0e535cd77114/ https://minutesof.com/q/b80d41df-a379-465a-bb31-0e535cd77114/ “Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices.” — Kevin Warsh, Financial Times Fri, 28 Aug 2026 17:44:56 +0000 inflation https://minutesof.com/q/78670623-210e-4f63-ab47-d6f4df89262c/ https://minutesof.com/q/78670623-210e-4f63-ab47-d6f4df89262c/ “he says profit margins are quite elevated related to history and overall equity market, the volatility is low.” — Kevin Warsh, Varney & Co. Fri, 28 Aug 2026 17:04:37 +0000 inflation https://minutesof.com/q/af23a710-4778-43bf-8885-d1c8a0166674/ https://minutesof.com/q/af23a710-4778-43bf-8885-d1c8a0166674/ “We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.” — Kevin Warsh, Varney & Co. Fri, 28 Aug 2026 17:04:37 +0000 inflation https://minutesof.com/q/af23a710-4778-43bf-8885-d1c8a0166674/ https://minutesof.com/q/af23a710-4778-43bf-8885-d1c8a0166674/ “We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.” — Kevin Warsh, Varney & Co. Fri, 28 Aug 2026 17:04:37 +0000 inflation https://minutesof.com/q/44c31a1d-c0f1-4ac6-99b4-90d8f491adc2/ https://minutesof.com/q/44c31a1d-c0f1-4ac6-99b4-90d8f491adc2/ “Responsibility for sixty five months of sustained elevated inflation sits squarely with the central bank, and that's where it belongs.” — Kevin Warsh, Varney & Co. Fri, 28 Aug 2026 17:04:37 +0000 inflation https://minutesof.com/q/44c31a1d-c0f1-4ac6-99b4-90d8f491adc2/ https://minutesof.com/q/44c31a1d-c0f1-4ac6-99b4-90d8f491adc2/ “Responsibility for sixty five months of sustained elevated inflation sits squarely with the central bank, and that's where it belongs.” — Kevin Warsh, Varney & Co. Fri, 28 Aug 2026 17:04:37 +0000 inflation https://minutesof.com/q/4cb6ee05-df1f-4ee8-be6f-36c70e1b7409/ https://minutesof.com/q/4cb6ee05-df1f-4ee8-be6f-36c70e1b7409/ “So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.” — Kevin Warsh, Reuters Business Fri, 28 Aug 2026 16:51:16 +0000 inflation https://minutesof.com/q/4cb6ee05-df1f-4ee8-be6f-36c70e1b7409/ https://minutesof.com/q/4cb6ee05-df1f-4ee8-be6f-36c70e1b7409/ “So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.” — Kevin Warsh, Reuters Business Fri, 28 Aug 2026 16:51:16 +0000 inflation https://minutesof.com/q/ec1966aa-e9b8-44c5-a3d2-35ad94bef524/ https://minutesof.com/q/ec1966aa-e9b8-44c5-a3d2-35ad94bef524/ “The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.” — Kevin Warsh, Reuters Business Fri, 28 Aug 2026 16:51:16 +0000 inflation https://minutesof.com/q/ec1966aa-e9b8-44c5-a3d2-35ad94bef524/ https://minutesof.com/q/ec1966aa-e9b8-44c5-a3d2-35ad94bef524/ “The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.” — Kevin Warsh, Reuters Business Fri, 28 Aug 2026 16:51:16 +0000 inflation https://minutesof.com/q/55c0373e-087b-4f0f-84dd-4e4b36363739/ https://minutesof.com/q/55c0373e-087b-4f0f-84dd-4e4b36363739/ “I am not alone in noticing that forward guidance in 2021, to cite just one example, might well have slowed the policy response to high inflation.” — Kevin Warsh, Reuters Business Fri, 28 Aug 2026 16:51:16 +0000 inflation https://minutesof.com/q/55c0373e-087b-4f0f-84dd-4e4b36363739/ https://minutesof.com/q/55c0373e-087b-4f0f-84dd-4e4b36363739/ “I am not alone in noticing that forward guidance in 2021, to cite just one example, might well have slowed the policy response to high inflation.” — Kevin Warsh, Reuters Business Fri, 28 Aug 2026 16:51:16 +0000 inflation https://minutesof.com/q/7d434633-fe14-48bd-96c9-702a9a61fc1e/ https://minutesof.com/q/7d434633-fe14-48bd-96c9-702a9a61fc1e/ “Not the financial high flyers. Hardworking Americans are the ones left to deal with inflation that's too high or jobs that suddenly appear less secure.” — Kevin Warsh, Reuters Business Fri, 28 Aug 2026 16:51:16 +0000 inflation https://minutesof.com/q/7d434633-fe14-48bd-96c9-702a9a61fc1e/ https://minutesof.com/q/7d434633-fe14-48bd-96c9-702a9a61fc1e/ “Not the financial high flyers. Hardworking Americans are the ones left to deal with inflation that's too high or jobs that suddenly appear less secure.” — Kevin Warsh, Reuters Business Fri, 28 Aug 2026 16:51:16 +0000 inflation https://minutesof.com/q/ec243323-0fc4-4223-aebf-80be6178e033/ https://minutesof.com/q/ec243323-0fc4-4223-aebf-80be6178e033/ “We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.” — Kevin Warsh, Reuters Fri, 28 Aug 2026 16:51:10 +0000 inflation https://minutesof.com/q/ec243323-0fc4-4223-aebf-80be6178e033/ https://minutesof.com/q/ec243323-0fc4-4223-aebf-80be6178e033/ “We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.” — Kevin Warsh, Reuters Fri, 28 Aug 2026 16:51:10 +0000 inflation https://minutesof.com/q/3b916fc1-e973-4c4b-8633-d3b081f48f7a/ https://minutesof.com/q/3b916fc1-e973-4c4b-8633-d3b081f48f7a/ “None of these measures are perfect, but they all tell a similar story. Inflation is running above our 2% target.” — Kevin Warsh, Reuters Fri, 28 Aug 2026 16:51:10 +0000 inflation https://minutesof.com/q/3b916fc1-e973-4c4b-8633-d3b081f48f7a/ https://minutesof.com/q/3b916fc1-e973-4c4b-8633-d3b081f48f7a/ “None of these measures are perfect, but they all tell a similar story. Inflation is running above our 2% target.” — Kevin Warsh, Reuters Fri, 28 Aug 2026 16:51:10 +0000 inflation https://minutesof.com/q/31cac3ae-5d9a-4dea-ade7-d6ab420b0f19/ https://minutesof.com/q/31cac3ae-5d9a-4dea-ade7-d6ab420b0f19/ “The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.” — Kevin Warsh, Reuters Fri, 28 Aug 2026 16:51:10 +0000 inflation https://minutesof.com/q/31cac3ae-5d9a-4dea-ade7-d6ab420b0f19/ https://minutesof.com/q/31cac3ae-5d9a-4dea-ade7-d6ab420b0f19/ “The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.” — Kevin Warsh, Reuters Fri, 28 Aug 2026 16:51:10 +0000 inflation https://minutesof.com/q/f0256d87-24fd-4062-8f7d-a1d451c03ad8/ https://minutesof.com/q/f0256d87-24fd-4062-8f7d-a1d451c03ad8/ “I am not alone in noticing that forward guidance in 2021, to cite just one example, might well have slowed the policy response to high inflation.” — Kevin Warsh, Reuters Fri, 28 Aug 2026 16:51:10 +0000 inflation https://minutesof.com/q/f0256d87-24fd-4062-8f7d-a1d451c03ad8/ https://minutesof.com/q/f0256d87-24fd-4062-8f7d-a1d451c03ad8/ “I am not alone in noticing that forward guidance in 2021, to cite just one example, might well have slowed the policy response to high inflation.” — Kevin Warsh, Reuters Fri, 28 Aug 2026 16:51:10 +0000 inflation https://minutesof.com/q/875ab691-9e95-46e1-98d7-05de6c1ced53/ https://minutesof.com/q/875ab691-9e95-46e1-98d7-05de6c1ced53/ “If the Fed gets inflation wrong and judges the economy wrong, who gets the worst of it? Not the financial high flyers.” — Kevin Warsh, Reuters Fri, 28 Aug 2026 16:51:10 +0000 inflation https://minutesof.com/q/a535b547-a808-4fe4-85b9-a8e48c879e2b/ https://minutesof.com/q/a535b547-a808-4fe4-85b9-a8e48c879e2b/ “We've got no magic wand. This isn't something that we're gonna be able to carry out in days or weeks, but we're gonna deliver on the responsibility that congress gave us.” — Kevin Warsh, Forbes Breaking News Wed, 29 Jul 2026 23:05:23 +0000 inflation https://minutesof.com/q/38c658e7-621f-415c-813e-9b46ab432e17/ https://minutesof.com/q/38c658e7-621f-415c-813e-9b46ab432e17/ “I would expect that perhaps as soon as this month, we're going to see real wage gains.” — Scott Bessent, CBS Mornings Fri, 03 Jul 2026 18:00:31 +0000 inflation https://minutesof.com/q/c86bab6a-25ee-4e2c-bb62-ca88425ed573/ https://minutesof.com/q/c86bab6a-25ee-4e2c-bb62-ca88425ed573/ “We're telling them we're watching them. And we've had some good uptake from some of the bigger retailers in terms of what they want to do for consumers.” — Scott Bessent, CBS Mornings Fri, 03 Jul 2026 18:00:31 +0000 inflation https://minutesof.com/q/cbcb0851-4b4a-4cf7-b6e8-35e2262c72a3/ https://minutesof.com/q/cbcb0851-4b4a-4cf7-b6e8-35e2262c72a3/ “But we had had before April, we had seen real wage growth for working Americans every month during President Trump's presidency, and I would expect maybe even as soon as next month we will go back to that.” — Scott Bessent, CBS News Fri, 03 Jul 2026 01:58:25 +0000 inflation https://minutesof.com/q/72324058-3d62-4be1-b8e1-eea403bbd812/ https://minutesof.com/q/72324058-3d62-4be1-b8e1-eea403bbd812/ “I think the 30% overhang of geopolitics, inflation, technological change is now here. It was foreseeable, not maybe exactly how it occurred, but it was foreseeable. It was predictable.” — Marc Rowan, Bloomberg Television Tue, 03 Mar 2026 17:37:35 +0000 inflation https://minutesof.com/q/1519a8e9-33f0-426e-8cf9-58d670807c11/ https://minutesof.com/q/1519a8e9-33f0-426e-8cf9-58d670807c11/ “Depreciating our currency has the tendency to be inflationary. And what we're seeing is a steepening of the yield curve. Rates that matter, the ten year, are higher even if short rates are lower.” — Marc Rowan, Yahoo Finance Sun, 21 Dec 2025 16:00:06 +0000 inflation https://minutesof.com/q/0d14b5e5-f694-4354-a92b-46fba1480dba/ https://minutesof.com/q/0d14b5e5-f694-4354-a92b-46fba1480dba/ “We have governments around the world who are borrowing record amounts of money. We are, for maybe good and valid reasons, fractionalizing our labor supply through immigration reform.” — Marc Rowan, Yahoo Finance Sun, 21 Dec 2025 16:00:06 +0000 inflation https://minutesof.com/q/8c342d6f-c3dd-4eb4-9478-d54d1413db6b/ https://minutesof.com/q/8c342d6f-c3dd-4eb4-9478-d54d1413db6b/ “We have governments around the world who are borrowing record amounts of money. We are, for maybe good and valid reasons, fractionalizing our labor supply through immigration reform.” — Marc Rowan, Yahoo Finance Wed, 10 Dec 2025 23:30:16 +0000 inflation https://minutesof.com/q/98613b7d-86dc-461e-a13f-83867385a45e/ https://minutesof.com/q/98613b7d-86dc-461e-a13f-83867385a45e/ “Beyond that, I think it can, you know, then you're really risking a lot of things. A weaker dollar, more inflation, and those sort of things.” — David Tepper, CNBC Television Thu, 18 Sep 2025 13:39:12 +0000 inflation https://minutesof.com/q/f72e17ad-522b-4dd9-96d2-4a3d75bb3870/ https://minutesof.com/q/f72e17ad-522b-4dd9-96d2-4a3d75bb3870/ “But by the summer of twenty one, when the Fed was saying they don't see inflation, that was clearly a mistake.” — Brad Gerstner, CNBC Television Wed, 08 Nov 2023 15:35:15 +0000 inflation https://minutesof.com/q/7612e0a6-d040-4109-ab37-56aa77382eff/ https://minutesof.com/q/7612e0a6-d040-4109-ab37-56aa77382eff/ “The cost of a container from China to The US had gone up 20x. Okay. The idea that we didn't have an inflation problem in the summer of twenty twenty one” — Brad Gerstner, Joe Lonsdale Wed, 25 Oct 2023 18:32:55 +0000 inflation https://minutesof.com/q/76ce1075-5537-454d-ac71-744ee664e22b/ https://minutesof.com/q/76ce1075-5537-454d-ac71-744ee664e22b/ “June 2021, when the world knew inflation was here. I mean, the cost of a cargo container had gone up by 10 x.” — Brad Gerstner, CNBC Television Thu, 28 Sep 2023 19:12:52 +0000 inflation https://minutesof.com/q/313935cb-ddf3-40fb-b63b-c57a96e93812/ https://minutesof.com/q/313935cb-ddf3-40fb-b63b-c57a96e93812/ “So the first thing we saw inflate was sort of hard commodities and soft commodities, things like energy and agricultural products and metals and so on.” — David Friedberg, Megyn Kelly Mon, 17 Oct 2022 21:00:09 +0000 inflation https://minutesof.com/q/c232add3-5914-48d1-9c5a-f8b06069ff85/ https://minutesof.com/q/c232add3-5914-48d1-9c5a-f8b06069ff85/ “The price for a used car was $20,000 for ten years. And then just coincidentally, alright, they give us a bunch of Red Bull and the price goes to $29,000.” — Brad Gerstner, All-In Podcast Mon, 23 May 2022 04:51:01 +0000 inflation https://minutesof.com/q/f38b9dbb-5996-43e1-a51d-292247c244a4/ https://minutesof.com/q/f38b9dbb-5996-43e1-a51d-292247c244a4/ “They said we expect inflation exiting the year to be 4.3 and we expect the ten year to be around 2.3.” — Brad Gerstner, All-In Podcast Sat, 26 Mar 2022 05:49:32 +0000 inflation https://minutesof.com/q/2e8b8dc4-e67f-4ad2-ab7e-e8aeaaa4f642/ https://minutesof.com/q/2e8b8dc4-e67f-4ad2-ab7e-e8aeaaa4f642/ “I look back and the core PCE was one and a half in '98 and '99 when Greenspan started raising rates again from 475 is currently one seven and he's got them at 1.5.” — Stanley Druckenmiller, Bloomberg Television Thu, 19 Dec 2019 02:48:34 +0000 inflation