'I would pay attention to the speeches and interviews given by a judiciously chosen set of the twelve Reserve Bank presidents. Their comments are often more revealing than those of Chairman Bernanke and the other Board members who sit in Washington. Bernanke has to be very careful about what he says, both because his words move markets and because he doesn’t want to front-run the FOMC’s decision-making.
The other Board members, whose offices are just down the hall from Bernanke’s, have limited latitude to express their own views. The Bank presidents, in contrast, don’t work for the Chairman. They are much freer to speak their minds, and they do.
Among the Bank presidents, I would ignore the four hawks (Richard Fisher of Dallas, Esther George of Kansas City, Jeffrey Lacker of Richmond, and Charles Plosser of Philadelphia). They are all thoughtful people with interesting things to say, but their views are too far outside the mainstream to affect FOMC decisions. In contrast, I would listen especially closely to what William Dudley, the president of the New York Fed, has to say. Dudley is a powerful member of the FOMC, and his views about monetary policy are close to those of Chairman Bernanke and Vice Chair Yellen. And, finally, I would follow the comments of four other Bank presidents (James Bullard of St. Louis, Charles Evans of Chicago, Eric Rosengren of Boston, and John Williams of San Francisco). The first three have a vote on policy through year end, while Williams – a nonvoter this year – is an influential voice on the FOMC.'
Read more : http://www.aei-ideas.org/2013/05/here-are-the-fed-policymakers-to-pay-attention-to-and-the-ones-to-ignore/
0 commentaires:
Enregistrer un commentaire