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
Delivers his first address to a joint session of congress on tuesday, february 28. Up next on cspan, you look at the first speeches to congress by the last five president s. Ronald reagan, george h. W. Bush, bill clinton, george w. Bush and barack obama. The speeches, which are not considered state of the Union Addresses focus on policy priorities of the new administration. We begin with Ronald Reagan speaking before the congress on february 18, 1981. [cheers and applause] members of the congress, i had the high privilege and the distinct honor of presenting to you the president of the United States. [cheers and applause] thank you. [applause] thank you very much. [applause] [cheers and applause] thank you very much. Thank you. Thank you all very much. Mr. Speaker, mr. President , distinguished members of congress, honored guests and fellow citizens, only a month ago i was your guest in this Historic Building and i pledge to you my cooperation and doing what is right for this nation th
Session of congress on generate 28 generate 28. February 28. 8 we look back at the first speeches of president clinton, obama and both president bushes. Members of the congress, i have the highest privilege and the distinct honor of presenting to you the president of the United States. [applause] president reagan thank you very much. [applause] president reagan thank you. [applause] president reagan thank you very much. Mr. Speaker, distinguished members of congress, honored guests and fellow citizens, only a month ago, i was you are guest in this Historic Building and i pledged to you my cooperation in doing what is right for this nation that we all love so much im here tonight to reaffirm that pledge and to ask that we share in restoring the promise that is offered to every citizen by this with the last best hope of man honor. All of us are aware of the punishing inflation which has held a doubledigit figure for two years in a row. All across this land, one can see newly built homes