Taylor rule, how would would that impede your response to such a crisis . The taylor rule would tell us that it should depend on only two variables the current level of real gdp or the out put gap and the current level of inflation. It obviously wouldnt take into account in any way our judgments about growth in the Global Economy how we expected the european economy would be affected or Global Financial markets by these such developments. So in that sense it really restricts any simple rule restricts the setting of Monetary Policy to a very short list of variables and typically there are current values. Thats one of the reasons. We spent spend a great deal of time and the forecast that we include in our Monetary Policy report that the participants right down, we present to the public every three months. Incorporate all of the kinds of information, what what we think is going to happen in the Global Economy, and those are economic developments. Those factor into our Economic Forecast an
Continued the calls for the destruction of israel. These are the people we just allowed, are all lowg in the process to more weapons and to become nuclear weaponscapable. Just last week iran called, as it has for decades for the destruction of israel. And the death to america. In fact, as irans Supreme Leader stood by calling for the need to fight the u. S. , even if there is an agreement. I dont know that weve ever entered into an agreement with another country before that while we enter into the agreement they say and by the way, no matter whether there is agreement or not we want to continue to see the u. S. As an enemy that we need to fight. This deal undermines the security of our friends and allies it legitimatizes irans unapologetic sponsorship of terrorism throughout the middle east. Interesting what could be included, by the way mr. President , what couldnt be included. Iran has repeatedly refused to abide by International Agreements that require inspection of Nuclear Faciliti
These developments, these Global Developments unfold and we will in the coming months. Were we to judge that these developments did create substantial risks or were changing the outlook in some notable way then a change in the outlook is som affect Monetary Policy. As we have said all along, we have no judgment at this point about the appropriate date to raise the federal funds rate and our judgment about that will defend on unfolding economic developments and how they affect our forecast. You stressed in your testimony that the pace of rate increases is more important than the timing of the first rate hike and many economists, including the imf argued that the fed should wait longer to start raising rates possibly waiting until next year, but should then follow a slightly steeper path of subsequent rate increases. So the question is, if the fed waits longer than currently forecasts to start raising rates will that mean a steeper path of rate increases . Well, if we wait longer it cert
Thats why our founders and their infinite wisdom set it up this way about thats our role and responsibility under the constitution, were going to fulfill it we appreciate your doing your jobs and we thank you for your time. This committee stands adjourned. Screeria nigeria. Here on cspan3 we show you Congressional Affairs hearings, on weekends cspan 3 is the home to American History tv. Six unique series the civil wars history. History bookshelf, the best known American History writers, the presidency. Lectures in history with top college professors. Our new series featuring archival government and educational films through the 1930s and 70s. Cspan 3 created by the cable tv industry and created by your local cable and satellite provider. Janet yellin testified last week before the House Financial Services committee, defending the feds Monetary Policy, and reemphasizing the fact that Interest Rates are likely to go up later this year. Congressman jeb henzerling chairs the committee. Com
Good afternoon. Good afternoon. Thank you. This is not my mic im not used to it so i kopght hear if you could hear me. Thank you for joining us for ow program with author amy gold sustain who will discuss her book janesville an american story im renee here at the public library. At this time, i would look to ask that you turn off or silence all of your electronic devices. Also, at the end of todays program ms. Goldstein will have time for question and answer and then be available under the skylight to autograph books. We do still have a few available i think if youre interested in purchasing a book and you didnt get a yellow post it with a number see phil in the back. Also with the q and a, i just want to make sure that were all going to be on our best behavior. [laughter] ms. Goldstein is here to talk about her book. Shes not a politician. [laughter] and you will get to ask questions like i said youll raise your hand. Ill bring you the mic, and you dont need please dont Start Talking