Jerome Powell

I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation.

Perhaps the greatest challenge for the resolution of a systemic global bank is the possibility that public or private actors in different countries might take local actions that would cause the overall resolution to spin out of control.

Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large.

The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.

Higher asset prices increase wealth and, with a lag, induce higher spending.

The only way to ensure that inflation expectations remain safely anchored near the FOMC's target is to keep inflation close to that target on a consistent basis.

Below-target inflation increases the real value of debts owed by households and businesses and reduces the ability of central banks to respond to downturns.

The TMPG is the place where market participants recognize and address their responsibilities to each other.

Central banking often comes across as obscure and complicated, and we try to help the public understand what we do.

Regional interest rate differentials persisted until around the time of World War I and helped shape the attitudes of Americans living in western areas toward the nation's financial system.

The expectation of gradual policy normalization should reduce the likelihood of outsized movements in interest rates.

There is clear empirical evidence that the response of EME financial markets to different shocks, including changes in U.S. interest rates, depends importantly on the state of economic fundamentals in the EMEs themselves.