On the record about
2 people · 14 quotes · 29 Jul 2026 to 28 Aug 2026
Every lane here carries 5 quotes or more. Offsets are days from the middle first-quote date, 29 Jul 2026 — a date, and nothing else. It is not a claim about who reached a view first.
Warsh says Fed is in performance business, pointing to treasury curve and dollar as evidence.
“And so so if I look at the treasury curve, if I look at the dollar, if I look at a lot of things that are internals inside of financial markets,”
Warsh sets timeline expectations, saying Fed cannot deliver in days or weeks but will fulfill congressional mandate.
“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.”
Warsh says Fed must be confident underlying inflation is moving to target at sufficient speed or continue policy work.
“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
Warsh sets the standard that the Fed must be confident inflation is moving to target at sufficient speed.
“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.”
Warsh sets standard requiring clear evidence of inflation moving to target at sufficient speed.
“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
Warsh says inflation is above 2% target and Fed's predominant focus should be on prices.
“Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices.”
Warsh sets standard that underlying inflation must move clearly and at sufficient speed to objective.
“So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed.”
Warsh sets standard requiring confidence that underlying inflation is moving to objective at sufficient speed.
“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
Williams anticipates moving interest rates toward neutral stance over time if progress continues on dual mandate.
“Looking ahead, if progress on our dual mandate goals continues as in my baseline forecast, I anticipate it will become appropriate to move interest rates toward a more neutral stance over time.”
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.”
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.”
Williams expects inflation to fall to 3.25 percent by year-end, reaching 2 percent target in 2028.
“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.”
Williams sees policy as modestly restrictive and room for further near-term rate cuts toward neutral.
“Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral,”
Williams says U.S. r-star models show only a modest quarter to half point increase since 2018.
“This finding that r-star has not meaningfully rebounded is in line with evidence from a variety of models of r-star in the U.S., which show a relatively modest increase of one-quarter to one-half of a percentage point in real-time estimates of r-star between the third quarter of 2018 and the first quarter of 2025.”