John Williams · NY Fed speeches
“I say this in part to convey a concern that while perhaps the upsides to innovation in intermediation are far larger than I at times perceive them to be, the downsides emanating from instruments and maturity transformation that are more plainly about managing regulatory processes seems a permanent feature of the environment.”
Verbatim excerpt with a timestamp. The full recording is at the source; we link out and do not host it. Everything John Williams is on record saying.